Snell Properties Acquires 228-Unit Multifamily In Sarasota For $80M
SOLD
$80,000,000
Florida
See Similar DealsMultiFamily1,710 SF
Sold 04/30/2021
SOLD
Snell Properties Acquires 228-Unit Multifamily In Sarasota For $80M
320 Central Avenue
See Similar DealsMultiFamily1,710 SF
Sold 04/30/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$46,783
Total Square Footage:1,710 SF
Transaction Type:Sale
Located at 320 Central Avenue in Sarasota, this recently closed transaction involved the sale of a multifamily property. The deal was finalized on April 30, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $80,000,000
- Units: 228
- Price per Unit: $350,877
- Market: Sarasota
The buyer of the property was Snell Properties, represented by Chris Hanessian and Michael Eastwood. Serving as brokers in the deal were Brian Moulder and Chris Chadbourne from Walker & Dunlop.
This transaction highlights the successful collaboration between Snell Properties and their representatives, Chris Hanessian and Michael Eastwood. The deal was facilitated by the expertise of Brian Moulder and Chris Chadbourne from Walker & Dunlop.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$284,223.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$379,240.81
Annual Debt Service$4,550,889.77
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