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3110 Grand Pavillion Drive,...

Bridge Investment Group Acquires 264-Unit Multifamily In Tampa For $55.6M
SOLDMultiFamily

Bridge Investment Group Acquires 264-Unit Multifamily In Tampa For $55.6M

3110 Grand Pavillion Drive, Tampa, Florida 33613, United States

$55,600,000

Building Size

Asset Type

MultiFamily

Closing

Jun 29, 2022

AI

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

Jason Stanton

Berkadia

Broker

$565.6M

vol

12 deals

Broker
Robert Morse

Robert Morse

Bridge Investment Group

Buyer

$838.7M

vol

13 deals

Buyer
PC
Praxis CapitalSeller

Tampa 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

0.29%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93