Covenant Capital Group Acquires Tampa Multifamily For $82.5M
SOLD
$82,500,000
Florida
See Similar DealsMultiFamily7,308 SF
Sold 01/07/2021
SOLD
Covenant Capital Group Acquires Tampa Multifamily For $82.5M
3303 North Lakeview Drive, Tampa, FL, USA
See Similar DealsMultiFamily7,308 SF
Sold 01/07/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$11,289
Total Square Footage:7,308 SF
Transaction Type:Sale
The multifamily property located at 3303 N. Lakeview Drive in Tampa has been sold in a recent transaction. The sale took place on 01/07/2021. The property is situated in the Tampa market and is part of a multifamily asset type.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $82,500,000
- Units: 640
- Price per Unit (PPU): $128,906
The buyer of the property is Covenant Capital Group, while the seller is Eastern Properties. The transaction was facilitated by brokers Mike Donaldson and Nick Meoli from Cushman & Wakefield.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,399,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$293,105.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$391,092.09
Annual Debt Service$4,693,105.07
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