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Starwood Property Trust Acquires Multifamily Property In Miami For $371.1M

Property Image
SOLD
$371,100,000

Florida

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MultiFamily1,100 SF
Sold 08/25/2021
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Property Image
SOLD

Starwood Property Trust Acquires Multifamily Property In Miami For $371.1M

8125 Southwest 72nd Avenue, Miami, FL 33143, USA

See Similar Deals
MultiFamily1,100 SF
Sold 08/25/2021
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$337,363
Total Square Footage:1,100 SF
Transaction Type:Sale

Barry Sternlicht has acquired two multifamily properties in Miami, marking the most expensive multifamily sale in South Florida this year. The properties, located at 8125 & 8217 SW 72nd Avenue, were sold by Mill Creek Residential for a total price of $371,100,000. The transaction involved a total of 844 units, with an average price per unit of $439,692.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $371,100,000
  • Address: 8125 & 8217 SW 72nd Avenue, Miami
  • Market: Miami
  • Buyer: Starwood Property Trust - Barry Sternlicht
  • Seller: Mill Creek Residential
  • Units: 844

Barry Sternlicht, representing Starwood Property Trust, played a key role in the acquisition of these multifamily properties. This notable transaction highlights Sternlicht's involvement in the real estate market and showcases his continued interest in expanding his property portfolio.

Players

Mill Creek Residential
Mill Creek Residential
SELLER
Starwood Capital Group
Starwood Capital Group
LENDER

Details

SOLD
IMAGE: Barry Sternlicht DATE: 08/25/2021 ADDRESS: 8125 & 8217 SW 72nd Avenue MARKET: Miami ASSET TYPE: Multifamily BUYER: Starwood Property Trust - Barry Sternlicht SELLER: Mill Creek Residential SALE PRICE: $371,100,000 UNITS: 844 ~ PPU: $439,692 NOTE: The transaction marks the most expensive multifamily sale in South Florida this year.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$19,792,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,318,439.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,759,203.33
Annual Debt Service$21,110,439.92