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Javier Sanchez Of Columbus Apartments LLC Acquires Multifamily Property From Frank Escalante For $17.3M

Property Image
SOLD
$17,300,000

Florida

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MultiFamily
Sold 06/11/2025
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Property Image
SOLD

Javier Sanchez Of Columbus Apartments LLC Acquires Multifamily Property From Frank Escalante For $17.3M

514 Southwest 22nd Avenue

See Similar Deals
MultiFamily
Sold 06/11/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The asset involved in this transaction is a multifamily property located at 514 Southwest 22nd Avenue in the Miami market. The sale price for this 72-unit property was $17,300,000, resulting in a price per unit of $240,278.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $17,300,000
  • Buyer: Javier Sanchez - Columbus Apartments LLC
  • Seller: Frank Escalante - COF Investment LLC
  • Lender: Banesco USA
  • Units: 72

This transaction was marked by a previous foreclosure judgment of $18.77 million against COF Investment LLC, which was not fully covered by the sale proceeds. Columbus Apartments LLC secured a $13.6 million loan from Banesco USA to facilitate the acquisition of this property.

Players

Banesco USA
Banesco USA
LENDER

Details

SOLD
IMAGE: 06/11/2025 ADDRESS: 514 Southwest 22nd Avenue MARKET: Miami ASSET TYPE: Multifamily BUYER: Javier Sanchez - Columbus Apartments LLC SELLER: Frank Escalante - COF Investment LLC LENDER: Banesco USA (@BanescoUSA) SALE PRICE: $17,300,000 UNITS: 72 ~ PPU: $240,278 NOTE: COF Investment sold the 72-unit Columbus on Fifth apartments in Little Havana for $17.3M to Columbus Apartments LLC, which secured a $13.6M loan from Banesco USA. The sale follows a 2023 foreclosure judgment of $18.77M, falling short of covering all past-due interest and fees.

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

$922,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$61,463.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$82,010.83
Annual Debt Service$984,129.91