Venterra Realty Acquires Multifamily Property In Lakeland For $75.5M
SOLD
$75,500,000
Florida
See Similar DealsMultiFamily1,279 SF
Sold 09/08/2021
SOLD
Venterra Realty Acquires Multifamily Property In Lakeland For $75.5M
5115 North Socrum Loop Road, Lakeland, FL 33809, USA
See Similar DealsMultiFamily1,279 SF
Sold 09/08/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$59,030
Total Square Footage:1,279 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 5115 N Socrum Loop Rd in the Lakeland market. It is a multifamily asset consisting of 464 units, with a per unit price of $162,716. The sale price for the property was $75,500,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $75,500,000
- Units: 464
- Price Per Unit: $162,716
- Buyer: Venterra Realty - Andrew Stewart & John Foresi
- Seller: Covenant Capital Group
This transaction featured Andrew Stewart and John Foresi representing Venterra Realty in the acquisition of the multifamily asset. Covenant Capital Group was the selling entity in this closed transaction.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$268,235.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$357,908.52
Annual Debt Service$4,294,902.22
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