Updated Dec 21, 2023
Crescent Communities, PGIM Real Estate, And Bromley Cos. Sell Tampa Multifamily For $236.4M
3730 Midtown Drive, Tampa, Florida 33607, United States
$236,400,000
Units
390
Asset Type
MultiFamily
Closing
May 23, 2022
About this deal
AI
The multifamily property located at 3730 Midtown Dr in Tampa has been sold in a recent transaction. The sale was facilitated by Walker & Dunlop acting as the broker. The property, owned by Crescent Communities, PGIM Real Estate, and Bromley Cos., was sold for a total of $236,400,000. The sale included 390 units, resulting in a per unit price of $606,154.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $236,400,000
- Address: 3730 Midtown Dr, Tampa
- Market: Tampa
The deal involved key individuals such as Tim Graff from Crescent Communities, Eric Adler from PGIM Real Estate, Nick Haines from Bromley Cos., and the broker Walker & Dunlop. The transaction took place on 05/24/2022 and represents a significant milestone in the Tampa real estate market.
Players
Tampa 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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93