Bridge Investment Group Acquires 264-Unit Multifamily In Tampa For $55.6M
SOLD
$55,600,000
Florida
See Similar DealsMultiFamily
Sold 06/30/2022
SOLD
Bridge Investment Group Acquires 264-Unit Multifamily In Tampa For $55.6M
3110 Grand Pavillion Drive, Tampa, Florida 33613, United States
See Similar DealsMultiFamily
Sold 06/30/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 3110 Grand Pavilion Dr in Tampa has been sold in a closed transaction. The property consists of 264 units and was sold for a total price of $55,600,000, resulting in an average price per unit of $210,606. The buyer of the property was Bridge Investment Group, represented by Robert Morse and Jonathan Slager. The seller in this transaction was Praxis Capital. The deal was facilitated by broker Jason Stanton from Berkadia.
Summary of transaction details:
- Property Type: Multifamily
- Sale Price: $55,600,000
- Number of Units: 264
- Price per Unit: $210,606
Bridge Investment Group, led by Robert Morse and Jonathan Slager, acquired the multifamily property located at 3110 Grand Pavilion Dr in Tampa from Praxis Capital. Jason Stanton from Berkadia represented the buyer in this transaction. The sale of the property for a price of $55,600,000 marks a significant deal in the Tampa market.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,965,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$197,535.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$263,572.37
Annual Debt Service$3,162,868.39
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