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MLG Capital Acquires Reserve At Palmer Ranch Multifamily In $70.5M Deal

Property Image
SOLD
$70,500,000

Florida

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MultiFamily
Sold 10/02/2023
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Property Image
SOLD

MLG Capital Acquires Reserve At Palmer Ranch Multifamily In $70.5M Deal

4110 Winners Circle

See Similar Deals
MultiFamily
Sold 10/02/2023
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The 320-unit Reserve at Palmer Ranch apartment property in Sarasota, Florida has been sold for $70.5 million. MLG Capital purchased the property from Strategic Holdings. The transaction was facilitated by Berkadia, acting as the broker. Freddie Mac provided $56.3 million in financing for the deal.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $70,500,000
  • Buyer: MLG Capital - Timothy Wallen
  • Seller: Strategic Holdings - James Backner
  • Lender: Freddie Mac
  • Broker: Berkadia

The apartment property, built in 1990, consists of 320 units with a range of up to three bedrooms. MLG Capital secured a 10-year fixed-rate loan for the purchase, with interest-only payments. The financing offered by Freddie Mac played a crucial role in the transaction.

Players

TW
Timothy J. Wallen
3 deals$143.5M volume
BUYER
SH
Strategic Holdings
SELLER
Freddie Mac
Freddie Mac
LENDER

Details

SOLD
IMAGE: James Backner & Timothy Wallen DATE: 10/02/2023 ADDRESS: 4110 Winners Circle MARKET: Sarasota ASSET TYPE: Multifamily BUYER: MLG Capital (@MLGCapital.RE) - Timothy Wallen SELLER: Strategic Holdings - James Backner BROKER: Berkadia (@Berkadia) LENDER: Freddie Mac (@FreddieMacCorp) SALE PRICE: $70,500,000 UNITS: 320 ~ PPU: $220,313 NOTE: MLG Capital purchased the 320-unit Reserve at Palmer Ranch apartment property in Sarasota, Florida, for $70.5 million from Strategic Holdings, with Freddie Mac providing $56.3 million in financing through Berkadia. The property, built in 1990, includes units up to three bedrooms, and the deal featured a 10-year fixed-rate loan with interest-only payments.

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

$3,760,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$250,471.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$334,205.97
Annual Debt Service$4,010,471.61