Updated Oct 29, 2024
Advenir Acquires Newly Built Tampa Apartment Complex For $47.8M
4502 W McCoy St Tampa, FL 33616, USA
$47,800,000
Units
205
Asset Type
MultiFamily
Closing
Aug 4, 2023
About this deal
AI
The Watson, a newly built Tampa apartment complex, has been acquired by Advenir for nearly $47.8 million. Situated on 10.5 acres, the property features 205 apartments, resulting in a sale price of $233,143 per unit.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $47,800,000
- Address: 4502 West McCoy Street, Tampa
- Market: Tampa
- Acres: 10.5
Advenir, represented by Stephen Vecchitto and David Vecchitto, served as the buyer in this transaction. The seller, Penler, was represented by Graham Carpenter. The property's 205 apartments provide a significant investment opportunity in the Tampa market, demonstrating Advenir's commitment to expanding its portfolio in the multifamily sector. The acquisition of The Watson aligns with their strategic growth plan.
On the Map
$47,800,000
MultiFamily
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Players
Miami 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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93