Nicol Investment Co Acquires MultiFamily In Tampa For $58.1M
SOLD
$58,100,000
Florida
See Similar DealsMultiFamily
SOLD
Nicol Investment Co Acquires MultiFamily In Tampa For $58.1M
400 N Rome Ave, Tampa, FL, 33606
See Similar DealsMultiFamily
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
Havana Square, a 274-unit apartment community located at 400 N. Rome Ave. in Tampa, has been sold for $58.1 million. The property, completed in 2017, offers one-, two- and three-bedroom units averaging 804 square feet. Situated in Tampa's North Hyde Park neighborhood, the four-story building features amenities such as a swimming pool, outdoor kitchen, bocce ball court, fire pits, grilling areas, fitness center, and a clubroom with game tables and a bar.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $58,100,000.00
- Market: Tampa
- Seller's Rep: Matt Mitchell (Hall Structured Finance), Zach Nolan (JLL)
- Buyer: Nicol Investment Co
Representing the seller in the transaction were Matt Mitchell from Hall Structured Finance and Zach Nolan from JLL. Nicol Investment Co, a private investment firm based in Nashville, was the buyer of the property. The apartment community is located approximately one mile west of Tampa's central business district, offering a convenient location for residents.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,098,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$206,417.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$275,423.64
Annual Debt Service$3,305,083.69
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