Joe Lubeck Of American Landmark Apartments Acquires Multifamily Property In Tampa For $134M
4950 West Prescott Street
$134,000,000
$282/SF
Building Size
473,679 SF
Asset Type
MultiFamily
Closing
May 1, 2024
AI
The multifamily property located at 4950 West Prescott Street in Tampa was sold for $134,000,000. The property comprises 444 units with a price per unit of $301,802. The total square footage of the property is 473,679, with a price per square foot of $283.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $134,000,000
- Buyer: Joe Lubeck - American Landmark Apartments
- Seller: Bjarne Borg - Index Investment Group
- Seller's Rep: Bastian Schauer, Will Mathews, Shawn Rupp, Casey Babb, Mark M. Rubin, & Luis Baez - Colliers International
The deal involved key individuals in the transaction. Joe Lubeck represented American Landmark Apartments as the buyer, while Bjarne Borg was the seller from Index Investment Group. The seller's representatives from Colliers International were Bastian Schauer, Will Mathews, Shawn Rupp, Casey Babb, Mark M. Rubin, and Luis Baez.
Players
Tampa 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
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93