Bridge Investment Group Acquires 260-Unit Multifamily Property In Jacksonville For $45M
SOLD
$45,000,000
Florida
See Similar DealsMultiFamily
Sold 09/01/2022
SOLD
Bridge Investment Group Acquires 260-Unit Multifamily Property In Jacksonville For $45M
7200 Powers Avenue, Jacksonville, Florida 32217, United States
See Similar DealsMultiFamily
Sold 09/01/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 7200 Powers Ave in Jacksonville was recently sold in a closed transaction. The property spans across 15 acres and consists of 260 units. The sale price for this transaction was $45,000,000, resulting in a per unit price of $173,077.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $45,000,000
- Address: 7200 Powers Ave, Jacksonville
- Market: Jacksonville
- Acres: 15
The buyer in this transaction was Bridge Investment Group, represented by Robert Morse & Jonathan Slager. The seller was Morgan Properties.
Robert Morse & Jonathan Slager of Bridge Investment Group acted as the buyer's representatives in this deal, facilitating the successful transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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