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The Praedium Group Acquires Rowan Pointe Apartments In Pinellas Park For $108.6M

Property Image
SOLD
$108,600,000
RC
RA

Florida

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MultiFamily
Sold 09/13/2023
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Property Image
SOLD

The Praedium Group Acquires Rowan Pointe Apartments In Pinellas Park For $108.6M

7950 Park Boulevard North

See Similar Deals
MultiFamily
Sold 09/13/2023
RC
RA
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The Rowan Pointe Apartments in Pinellas Park have been sold for $108.6 million. The buyer is The Praedium Group, a New York-based real estate investment firm. The seller is LIV Development. This upscale multifamily property sits on 20 acres of land and consists of 349 units. The sale price equates to approximately $311,175 per unit. The transaction took place on September 13, 2023.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $108,600,000
  • Address: 7950 Park Boulevard, Pinellas Park
  • Market: Pinellas Park
  • Acres: 20
  • Buyer: The Praedium Group - Russell Appel
  • Seller: LIV Development - Robb Crumpton
  • Units: 349
  • Price Per Unit: $311,175

The Rowan Pointe Apartments, completed in 2022, offer a variety of layouts and amenities, including a beach entry pool. The buyer of the property, The Praedium Group, assumed a $57 million mortgage for the purchase. This transaction showcases the continued demand for upscale multifamily properties in Pinellas Park.

Players

RA
Russell Appel
2 deals$246.6M volume
BUYER
RC
Robb Crumpton
2 deals$228.4M volume
SELLER

Details

SOLD
IMAGE: Robb Crumpton & Russell Appel DATE: 09/13/2023 ADDRESS: 7950 Park Boulevard MARKET: Pinellas Park ASSET TYPE: Multifamily ~ ACRES: 20 BUYER: The Praedium Group (@thepraediumgroup) - Russell Appel SELLER: LIV Development (@livdevelopment) - Robb Crumpton SALE PRICE: $108,600,000 UNITS: 349 ~ PPU: $311,175 NOTE: The Rowan Pointe Apartments in Pinellas Park were sold for $108.6 million to The Praedium Group, a New York-based real estate investment firm. This upscale 349-unit complex, completed in 2022, features various layouts, and amenities like a beach entry pool. The buyer assumed a $57 million mortgage for the purchase.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$385,832.87
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