Pedcor Acquires Fort Walton Beach Multifamily From Lurin Capital For $30.6M
SOLD
$30,600,000
Florida
See Similar DealsMultiFamily958 SF
Sold 10/25/2021
SOLD
Pedcor Acquires Fort Walton Beach Multifamily From Lurin Capital For $30.6M
604 Colonial Drive, Fort Walton Beach, FL, USA
See Similar DealsMultiFamily958 SF
Sold 10/25/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$31,941
Total Square Footage:958 SF
Transaction Type:Sale
The multifamily property located at 604 Colonial Drive & 5 Mooney Road NE in Fort Walton Beach has been sold. The transaction took place on 10/25/2021.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $30,600,000
- Number of Units: 195
- Price per Unit (PPU): $156,923
The buyer of the property is Pedcor, while the seller is Lurin Capital. The deal was facilitated by brokers Parker Caldwell & Craig Hey from Cushman & Wakefield.
This transaction involved a total of 195 units, with each unit valued at $156,923. The sale price reached $30,600,000.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,632,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$108,715.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$145,059.61
Annual Debt Service$1,740,715.34
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