Douglas Hirsh Enterprises Acquires Enclave On East Apartments In Largo For $34 Million

The property involved in the transaction is a multifamily asset located at 3660 East Bay Drive in Largo, Florida. It was built in 1986 and comprises 196 units, which are 98% leased. The total sale price for the property was $34,000,000, equating to approximately $173,469 per unit, and it is generating a projected net operating income of $2.4 million for 2025, representing a 7.06% cap rate.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $34,000,000
• Address: 3660 East Bay Drive
• Market: Largo
• Units: 196
• Price Per Unit: $173,469
• Seller: Alan Pollack - Providence Management Co
• Buyer: Douglas Hirsh Enterprises
• Loan Amount: $21.55 million
• Loan Type: Floating-rate FREMF loan
• Maturity Year: 2034

In this transaction, Douglas Hirsh Enterprises acted as the buyer acquiring the property from Alan Pollack, who represented Providence Management Co as the seller. The asset's financing structure includes a floating-rate loan which is set to mature in 2034, underpinning the investment strategy deployed by the buyer.