Updated Dec 4, 2024
Starwood Property Trust Acquires Multifamily Property In Miami For $371.1M
8125 Southwest 72nd Avenue, Miami, FL 33143, USA
$371,100,000
$337,363/SF
Building Size
1,100 SF
Asset Type
MultiFamily
Closing
Aug 25, 2021
About this deal
AI
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
Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93