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Joe Lubeck Of American Landmark Apartments Acquires Multifamily Property In Tampa For $134M

Property Image
SOLD
$134,000,000
Mark M. Rubin
Shawn Rupp
+ 3

Florida

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MultiFamily473,679 SF
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Property Image
SOLD

Joe Lubeck Of American Landmark Apartments Acquires Multifamily Property In Tampa For $134M

4950 West Prescott Street

See Similar Deals
MultiFamily473,679 SF
Sold
Mark M. Rubin
Shawn Rupp
+ 3
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$282
Total Square Footage:473679 SF
Transaction Type:Sale

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:

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

Luis Baez
6 deals$168.2M volume(813) 221-2079
BROKER

Casey Babb
Colliers
8 deals$190.8M volume
BROKER

Shawn Rupp
Colliers
6 deals$183.6M volume
BROKER

Mark M. Rubin
Colliers
36 deals$885.3M volume(561) 302-2511
BROKER

Will Mathews
Colliers
2 deals$176.5M volume
BROKER

Bastian Schauer
Colliers
40 deals$2.9B volume(561) 281-6656
BROKER

Details

SOLD
IMAGE: Bjarne Borg, Luis Baez, Bastian Schauer, Casey Babb, Mark M. Rubin, Will Mathews, Joe Lubeck & Shawn Rupp DATE: 05/01/2024 ADDRESS: 4950 West Prescott Street MARKET: Tampa ASSET TYPE: Multifamily BUYER: Joe Lubeck - American Landmark Apartments (@AmericanLandmarkApartments) SELLER: Bjarne Borg - Index Investment Group (@Indexinvest) SELLER'S REP: Bastian Schauer (@Bastian1992), Will Mathews, Shawn Rupp, Casey Babb, Mark M. Rubin (@Sofloinvestmentsales) & Luis Baez - Colliers International (@ColliersInternational) SALE PRICE: $134,000,000 UNITS: 444 ~ PPU: $301,802 SF: 473,679 ~ PPSF: $283

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

$7,146,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$476,073.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$635,228.36
Annual Debt Service$7,622,740.36