Pantzer Properties Acquires Multifamily Property In MiMo, Miami For $175M
SOLD
$175,000,000
Florida
See Similar DealsMultiFamily
Sold 11/14/2022
SOLD
Pantzer Properties Acquires Multifamily Property In MiMo, Miami For $175M
5700 Biscayne Boulevard, Miami, Florida 33137, United States
See Similar DealsMultiFamily
Sold 11/14/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property located at 5700 Biscayne Boulevard in the MiMo neighborhood of Miami has been sold for $175,000,000. The property spans over 2.3 acres and consists of 282 units, with a per unit price of $620,567. The sale took place on November 14, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $175,000,000
- Address: 5700 Biscayne Boulevard, Miami
- Market: MiMo
- Acres: 2.3
The buyer of the property is Pantzer Properties, represented by Jason and Jordan Pantzer. They acquired the property from 13th Floor Investments, represented by Arnaud Karsenti, and Tricera Capital, represented by Ben Mandell. The brokerage services for the deal were provided by Robert Given from Cushman & Wakefield. The lender involved in the transaction was KKR.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$621,738.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$829,589.28
Annual Debt Service$9,955,071.37
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