Equus Capital Partners Acquires 314-Unit Multifamily Asset In St. Petersburg For $64.1M
SOLD
$64,099,999
Florida
See Similar DealsMultiFamily
SOLD
Equus Capital Partners Acquires 314-Unit Multifamily Asset In St. Petersburg For $64.1M
500 Trinity Ln N, Saint Petersburg, FL...
See Similar DealsMultiFamily
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The Reserve at Gateway, a multi-family asset, was sold for $64,099,999.00, located at 500 Trinity Lane N in Saint Petersburg, FL. This 314-unit apartment community was constructed in 1999 and underwent renovations from 2013 to 2017, featuring individual units equipped with crown molding, faux-wood flooring, stainless steel appliances, granite countertops, and new cabinetry and lighting. Community amenities include a resort-style pool, outdoor kitchen, fitness center, lighted tennis court, car care center, and a dog park.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $64,099,999.00
- Address: 500 Trinity Ln N, Saint Petersburg, FL
- Market: Saint Petersburg
- Seller's Representative: Patrick Dufour - Newmark, Richard Donnellan - ARA Newark
- Buyer: Equus Capital Partners, Ltd
The transaction was facilitated by Patrick Dufour and Richard Donnellan of ARA Newmark representing the seller, Clarion Partners. Matthew Williams of NKF Capital Markets provided acquisition financing on behalf of Equus Capital Partners, Ltd, based in Philadelphia.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,418,666.61
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$227,733.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$303,866.70
Annual Debt Service$3,646,400.37
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