Gravel Road Partners And Bridge Investment Group Acquire Multifamily Asset In Largo For $42.25M
305 Glades Circle
$42,250,000
Building Size
—
Asset Type
MultiFamily
Closing
Mar 20, 2025
AI
The property involved in this transaction is a multifamily asset located at 305 Glades Circle in Largo. It was sold for $42,250,000.00 and consists of 304 units.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $42,250,000.00
- Address: 305 Glades Circle
- Market: Largo
- Units: 304
- Seller: Latitude Management Real Estate Investors
- Buyer: Michael Burke, Tyler Herbert & Thomas Toepke - Gravel Road Partners; Robert Morse & Jonathan Slager - Bridge Investment Group
- Brokers: Jason Stanton - Berkadia
This transaction was facilitated by Jason Stanton representing the broker agency Berkadia. The buyers include two groups, Gravel Road Partners and Bridge Investment Group, with their respective individuals involved in the acquisition of this property.
Players
Largo MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93