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Trilogy Real Estate Group Acquires Azalea Apartments In East Tampa's Brandon Neighborhood For $85.8M
SOLD
$85,800,000
Florida
See Similar DealsMultiFamily
Sold 07/17/2023
SOLD
Trilogy Real Estate Group Acquires Azalea Apartments In East Tampa's Brandon Neighborhood For $85.8M
8240 Causeway Blvd Tampa, Fl 33619, Usa
See Similar DealsMultiFamily
Sold 07/17/2023
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
Trilogy Real Estate Group has acquired the under-construction Azalea Apartments in East Tampa's Brandon neighborhood for $85.8 million. The multifamily property, located at 8240 Causeway Boulevard, consists of 289 units, with an average price per unit of $296,886. This purchase expands Trilogy's portfolio of investments in qualified opportunity zones. Move-ins are expected to begin this quarter.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $85,800,000
- Address: 8240 Causeway Boulevard
- Market: Tampa
- Buyer: Trilogy Real Estate Group - Jesse Karasik & Matt Leiter
- Units: 289
- Price Per Unit: $296,886
The acquisition of the Azalea Apartments by Trilogy Real Estate Group was facilitated by Jesse Karasik and Matt Leiter, representatives of the buyer. This strategic investment aligns with Trilogy's focus on qualified opportunity zones. With the property currently under construction, the buyer anticipates a successful venture in the East Tampa market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,576,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$304,829.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$406,735.77
Annual Debt Service$4,880,829.28
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