Frankforter Group Acquires 420-Unit Multifamily In Lauderdale Lakes For $102.9M
SOLD
$102,900,000
Florida
See Similar DealsMultiFamily1,260 SF
Sold 11/20/2019
SOLD
Frankforter Group Acquires 420-Unit Multifamily In Lauderdale Lakes For $102.9M
3700 Pacific Point Place, Fort Lauderdale, FL, USA
See Similar DealsMultiFamily1,260 SF
Sold 11/20/2019
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$81,666
Total Square Footage:1,260 SF
Transaction Type:Sale
Atlantic | Pacific Companies, Atlantic Cypress Creek LLC, and Rockpoint Group have sold a multifamily property in Lauderdale Lakes. The property, located at 3700 Pacific Point Place, was purchased by the Frankforter Group.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $102,900,000
- Units: 420
- Price per Unit: $245,000
- Seller: Atlantic | Pacific Companies, Atlantic Cypress Creek LLC, Rockpoint Group
- Buyer: Frankforter Group
The sale of this property was facilitated by Chris Conklin from Walker & Dunlop and Daniel Kaweblum from FM Capital.
Players
BUYER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,488,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$365,581.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$487,798.50
Annual Debt Service$5,853,581.97
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