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Landmark Cos. Acquires Multifamily Property In Coral Springs For $40.2M

Property Image
SOLD
$40,200,000
JS
MG
EH

Florida

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MultiFamily182,867 SF
Sold 04/13/2021
the dealplayerscompscontact
Property Image
SOLD

Landmark Cos. Acquires Multifamily Property In Coral Springs For $40.2M

2801 Northwest 91st Avenue, Coral Springs, FL, USA

See Similar Deals
MultiFamily182,867 SF
Sold 04/13/2021
JS
MG
EH
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$219
Total Square Footage:182,867 SF
Transaction Type:Sale

The multifamily property located at 2801 Northwest 91 Avenue in Coral Springs has been sold for a total price of $40,200,000. The property spans across 18 acres and offers a total of 190 units, with a square footage of 182,867. The price per square foot is calculated to be $220, while the price per unit comes to approximately $211,579. The transaction was finalized on April 13, 2021.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $40,200,000
  • Address: 2801 Northwest 91 Avenue, Coral Springs
  • Market: Coral Springs
  • Total Square Footage: 182,867
  • Price per Square Foot: $220
  • Total Units: 190
  • Price per Unit: $211,579
  • Total Acres: 18
  • Price per Acre: $2,233,333

The buyers of the property are Landmark Cos., represented by Michael Gottlieb, Joel Schwartz, and Eric Harvitt. On the other hand, Iron River Management, represented by Jonathan Ringham, acted as the seller in this transaction.

Players

JS
Joel Schwartz
43 deals$450.9M volume
BUYER
JS
Joel Schwartz
43 deals$450.9M volume
BUYER
MG
Michael Gottlieb
2 deals$61.5M volume
BUYER
EH
Eric Harvitt
2 deals$61.5M volume
BUYER

Details

SOLD
IMAGE: Michael Gottlieb, Eric Harvitt & Joel Schwartz DATE: 04/13/2021 ADDRESS: 2801 Northwest 91 Avenue MARKET: Coral Springs ASSET TYPE: Multifamily BUYER: Landmark Cos. - Michael Gottlieb, Joel Schwartz & Eric Harvitt SELLER: Iron River Management - Jonathan Ringham PRICE: $40,200,000 SF: 182,867 ~ PPSF: $220 UNITS: 190 ~ PPU: $211,579 ACRES: 18 ~ PPA: $2,233,333

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$142,822.12
Cash-on-Cash Return-1.27%
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Annual Debt Service$2,286,822.11