Camden Property Trust Acquires Multifamily Property In St. Petersburg For $149.7M
SOLD
$149,700,000
Florida
See Similar DealsMultiFamily2,288 SF
Sold 08/30/2021
SOLD
Camden Property Trust Acquires Multifamily Property In St. Petersburg For $149.7M
855 Central Ave, St. Petersburg, FL, USA
See Similar DealsMultiFamily2,288 SF
Sold 08/30/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$65,428
Total Square Footage:2,288 SF
Transaction Type:Sale
Camden Property Trust has acquired a multifamily property in St. Petersburg, located at 855 Central Ave. The transaction took place on August 30, 2021. The property, consisting of 368 units, was sold for a total price of $149,700,000, resulting in an average price per unit of $406,793.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $149,700,000
- Address: 855 Central Ave
- Market: St. Petersburg
- Buyer: Camden Property Trust
- Developer: Related Group
- Brokers: berkadia'>Matt Mitchell, Matthew Lawton & Zach Nolan - JLL
The successful transaction was facilitated by brokers berkadia'>Matt Mitchell, Matthew Lawton, and Zach Nolan from JLL. They represented Camden Property Trust in the deal. This acquisition marks an important milestone in Camden Property Trust's growth strategy in the St. Petersburg market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,984,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$531,852.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$709,654.37
Annual Debt Service$8,515,852.48
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