Lurin Capital Acquires Altis Cardinal Multifamily In St. Petersburg For $125.5M
441 33rd Street North, St. Petersburg, FL, USA
$125,500,000
$675/SF
Building Size
185,900 SF
Asset Type
MultiFamily
Closing
Oct 21, 2021
AI
The Altis Cardinal, a multifamily property located at 441 33rd Street North in St. Petersburg, was recently sold in a transaction that took place on October 21, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $125,500,000
- Market: St. Petersburg
The buyer in this transaction was Lurin Capital, while the seller was Altis Cardinal, represented by Frank Guerra, and Skyline LLC. JLL served as the broker for this deal.
The Altis Cardinal comprises a total of 178 units, with a per unit price of $705,056. This transaction highlights the strong demand for multifamily properties in the St. Petersburg market.
Players
Saint Petersburg 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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93