Union Investment Acquires Multifamily Property In Fort Lauderdale For $226.5M
SOLD
$226,500,000
Florida
See Similar DealsMultiFamily19,695 SF
Sold 12/21/2021
SOLD
Union Investment Acquires Multifamily Property In Fort Lauderdale For $226.5M
444 Northeast 7th Street, Fort Lauderdale, Florida 33304, United States
See Similar DealsMultiFamily19,695 SF
Sold 12/21/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$11,500
Total Square Footage:19,695 SF
Transaction Type:Sale
Union Investment, represented by Michael Bütter, has acquired a multifamily property located at 444 NE 7th St in Fort Lauderdale. The property, sold by Alta Development, was purchased for a total price of $226,500,000. It consists of 475 units, with an average price per unit of $475,842.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $226,500,000
- Address: 444 NE 7th St
- Market: Fort Lauderdale
Michael Bütter represented Union Investment in the acquisition of the property. This significant transaction demonstrates the continued activity and investment in the Fort Lauderdale real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$12,079,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$804,706.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,073,725.55
Annual Debt Service$12,884,706.66
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