NM-Port Royale LLC Acquires 555-Unit Multifamily Property In Fort Lauderdale For $180M
3333 Port Royale Drive South, Fort Lauderdale, FL, USA
$180,000,000
$324,324/SF
Building Size
555 SF
Asset Type
MultiFamily
Closing
Nov 29, 2020
AI
Located at 3333 South Port Royale Drive S. in Fort Lauderdale, this multifamily property was recently sold in a transaction dated November 30, 2020. The sale was facilitated by NM-Port Royale LLC, with Northwestern Mutual's John Schlifske representing the buyer's side. The seller's representatives were William MacDonald from Mill Creek Residential and Martin Flanagan from Invesco. The property consists of 555 units, and the sale price amounted to $180,000,000, resulting in a per unit price of $324,324.
Summary of transaction details:
- Property Type: Multifamily
- Address: 3333 South Port Royale Drive S.
- Market: Fort Lauderdale
- Buyer: NM-Port Royale LLC (Represented by Northwestern Mutual - John Schlifske)
- Seller: Mill Creek Residential - William MacDonald, Invesco - Martin Flanagan
- Price: $180,000,000
- Units: 555
- Per Unit Price: $324,324
John Schlifske, representing Northwestern Mutual, played a key role as the buyer's representative in this transaction. On the seller's side, William MacDonald from Mill Creek Residential and Martin Flanagan from Invesco were instrumental in facilitating the sale. This significant transaction underscores the attractiveness and value of the Fort Lauderdale market for multifamily properties.
Players
Fort Lauderdale 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93