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Praedium Group Acquires Manor Lantana Apartments In Lantana For $138M

Property Image
SOLD
$138,000,000

Florida

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MultiFamily
Sold 06/20/2023
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Property Image
SOLD

Praedium Group Acquires Manor Lantana Apartments In Lantana For $138M

861 861 Water Tower Wy Lantana, FL 33462, USAWater Tower Way

See Similar Deals
MultiFamily
Sold 06/20/2023
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

Manor Lantana Apartments, a newly completed apartment complex in Lantana, Florida, has been sold by Related Group and Rockpoint for $138 million. The property, located at 861 Water Tower Way, consists of four buildings and 348 units. It is situated in the Lantana market.

Summary of transation details

  • Property Type: MultiFamily
  • Transaction Amount: $138,000,000
  • Units: 348
  • Price Per Unit: $396,552
  • Buyer: Praedium Group - Russell Appel
  • Seller: Related Group & Rockpoint
  • Date: 06/20/2023

Praedium Group, represented by Russell Appel, acquired Manor Lantana Apartments from the seller, Related Group and Rockpoint. The deal signifies a significant transaction in the Lantana market and highlights the involvement of prominent real estate entities.

Players

RA
Russell Appel
2 deals$246.6M volume
BUYER
RA
Russell Appel
2 deals$246.6M volume
BUYER
Related Group
Related Group
SELLER
Rockpoint Group
Rockpoint Group
LENDER
Related Group
Related Group
LENDER

Details

SOLD
IMAGE: Russell Appel DATE: 06/20/2023 ADDRESS: 861 Water Tower Way MARKET: Lantana ASSET TYPE: MultiFamily BUYER: Praedium Group (@ThePraediumGroup) - Russell Appel SELLER: Related Group (@Related_Group) & Rockpoint SALE PRICE: $138,000,000 UNITS: 348 ~ PPU: $396,552 NOTE: Manor Lantana Apartments, a newly completed apartment complex in Lantana, Florida, has been sold by Related Group and Rockpoint for $138 million. The buyer, Praedium Group, acquired the property, which consists of four buildings and 348 units. &Rockpoint

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

$7,360,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$490,284.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$654,190.40
Annual Debt Service$7,850,284.85