Clarion Partners Acquires 302-Unit Multifamily In Lauderhill For $72M
SOLD
$72,000,000
Florida
See Similar DealsMultiFamily
Sold 02/11/2022
SOLD
Clarion Partners Acquires 302-Unit Multifamily In Lauderhill For $72M
6701 Landings Drive, Lauderhill, Florida 33319, United States
See Similar DealsMultiFamily
Sold 02/11/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
Located at 6701-6950 Landings Drive in Lauderhill, this 18.4-acre multifamily property has recently been sold in a closed transaction. The property consists of 302 units, with an average price per unit of $238,411. The deal was completed on February 11, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $72,000,000
- Address: 6701-6950 Landings Drive, Lauderhill
- Market: Lauderhill
- Buyer: Clarion Partners - David Gilbert
- Seller: Milbrook Properties - Rubin Pikus
Clarion Partners, represented by David Gilbert, acquired the property from Milbrook Properties, with Rubin Pikus as their representative. This transaction highlights the strategic investment decisions made by these key individuals and companies within the real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,840,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$255,800.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$341,316.73
Annual Debt Service$4,095,800.79
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