Starwood Capital Group Acquires Multifamily Property In Fort Lauderdale For $28M
SOLD
$28,000,000
Florida
See Similar DealsMultiFamily162,279 SF
Sold 12/22/2021
SOLD
Starwood Capital Group Acquires Multifamily Property In Fort Lauderdale For $28M
721 Northwest 19th Street, Fort Lauderdale, Florida 33311, United States
See Similar DealsMultiFamily162,279 SF
Sold 12/22/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$172
Total Square Footage:162,279 SF
Transaction Type:Sale
The multifamily property located at 721 NW 19th Street in Fort Lauderdale has been sold for a price of $28,000,000. Spanning across 6.2 acres, the property is composed of 150 units with a total of 162,279 square feet. The price per unit is calculated at $186,667, while the price per square foot is $173.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,000,000
- Address: 721 NW 19th Street, Fort Lauderdale
- Market: Fort Lauderdale
- Acres: 6.2
The buyer, represented by Starwood Capital Group's Barry Sternlicht, acquired the property from the seller, Southport Financial Real Estate. This transaction was completed on December 22, 2021.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,493,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42
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