Cortland Acquires Multifamily Property In Tampa From LIV Development
SOLD
$119,800,000
Florida
See Similar DealsMultiFamily
Sold 03/28/2022
SOLD
Cortland Acquires Multifamily Property In Tampa From LIV Development
8733 Rooks Park Cir, Tampa, Florida 33619, United States
See Similar DealsMultiFamily
Sold 03/28/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The recently closed transaction in Tampa involved the sale of a multifamily property located at 8733 Rooks Park Cir. The property, consisting of 296 units, was sold for a total price of $119,800,000. This translates to a per unit price of $404,730. The transaction took place on March 28, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $119,800,000
- Address: 8733 Rooks Park Cir
- Market: Tampa
The buyer in this transaction was Cortland, represented by Steven DeFrancis. On the other side, LIV Development, represented by Robb Crumpton, acted as the seller. The lender involved in the deal was Brighthouse Life Insurance Co.
Note: For complete details regarding the transaction, refer to the Instagram post linked here.
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30 years
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,389,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$425,624.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$567,913.12
Annual Debt Service$6,814,957.43
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