CareCo Group Acquires 310-Unit Multifamily Property In Coral Springs For $75M
SOLD
$75,000,000
Florida
See Similar DealsMultiFamily2,680 SF
Sold 06/26/2020
SOLD
CareCo Group Acquires 310-Unit Multifamily Property In Coral Springs For $75M
790 Harbor Inn Dr, Coral Springs, FL 33071, USA
See Similar DealsMultiFamily2,680 SF
Sold 06/26/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$27,985
Total Square Footage:2,680 SF
Transaction Type:Sale
The multifamily property located at 790 Harbor Inn in Coral Springs has been sold in a closed transaction. The sale took place on June 26, 2020, for a total price of $75,000,000. The property consists of 310 units, with a price per unit (PPU) of $241,945. The buyer of the property is CareCo Group, while the seller is Copperline Partners – Robert & Jason Schlesinger.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $75,000,000
- Units: 310
- Price per Unit (PPU): $241,945
- Buyer: CareCo Group
- Seller: Copperline Partners – Robert & Jason Schlesinger
This transaction represents a significant investment in the Coral Springs market. The buyer, CareCo Group, and the seller, Copperline Partners – Robert & Jason Schlesinger, were the key individuals and companies involved in this deal. The sale of this multifamily property demonstrates ongoing activity and interest in the Coral Springs market's real estate sector.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,000,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$266,459.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$355,538.26
Annual Debt Service$4,266,459.16
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