Nuveen Real Estate Acquires Multifamily Property In Miami From Pinnacle And Ascend Properties For $98M
SOLD
$98,000,000
+ 1
Florida
See Similar DealsMultiFamily8,446 SF
Sold
SOLD
Nuveen Real Estate Acquires Multifamily Property In Miami From Pinnacle And Ascend Properties For $98M
6600 Northwest 7th Street, Miami, FL 33126
See Similar DealsMultiFamily8,446 SF
Sold
+ 1
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$11,603
Total Square Footage:8,446 SF
Transaction Type:Sale
The multifamily property located at 6600 NW 7th St in Miami has been sold for a total price of $98,000,000. The transaction took place on September 16, 2021. The property consists of 272 units, with an average price per unit of $360,294.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $98,000,000
- Address: 6600 NW 7th St
- Market: Miami
The buyer of the property is Nuveen Real Estate, represented by Carlos Burneo. The seller includes Pinnacle, represented by David O. Deutch, and Ascend Properties, represented by Richard Finkelstein and Michael Wohl. The deal was facilitated by a team of brokers from Cushman & Wakefield, including Robert Given, Troy Ballard, Zachary Sackley, and Mike Mulkern.
Players
BUYER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,226,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$348,173.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$464,570.00
Annual Debt Service$5,574,839.97
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