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NM-Port Royale LLC Acquires 555-Unit Multifamily Property In Fort Lauderdale For $180M

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SOLD
$180,000,000

Florida

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MultiFamily555 SF
Sold 11/30/2020
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SOLD

NM-Port Royale LLC Acquires 555-Unit Multifamily Property In Fort Lauderdale For $180M

3333 Port Royale Drive South, Fort Lauderdale, FL, USA

See Similar Deals
MultiFamily555 SF
Sold 11/30/2020
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$324,324
Total Square Footage:555 SF
Transaction Type:Sale

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:

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

4 deals$340M volume
BROKER

Martin Flanagan
1 deal$180M volume
BROKER

Northwestern Mutual
BUYER

Details

SOLD
IMAGE: John Schlifske, William MacDonald, & Martin Flanagan⁠ DATE: 11/30/2020⁠ ADDRESS: 3333 South Port Royale Drive S.⁠ MARKET: Fort Lauderdale⁠ ASSET TYPE: Multifamily⁠ ⁠ BUYERS: NM-Port Royale LLC, Northwestern Mutual - John Schlifske⁠ SELLER: Mill Creek Residential - William MacDonald, Invesco - Martin Flanagan⁠ ⁠ PRICE: $180,000,000⁠ UNITS: 555 ~ PPU: $324,324

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$9,600,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$639,501.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$853,291.83
Annual Debt Service$10,239,501.98