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Related Companies Acquires Sorrento Affordable Housing Complex In Miramar For $48M

Property Image
SOLD
$48,000,000
Jorge Pérez
Stephen Ross
GW

Florida

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MultiFamily
Sold 10/03/2023
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Property Image
SOLD

Related Companies Acquires Sorrento Affordable Housing Complex In Miramar For $48M

8991 Southwest 41st Street & 9577 Southwest 41st Street

See Similar Deals
MultiFamily
Sold 10/03/2023
Jorge Pérez
Stephen Ross
GW
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The Sorrento affordable housing complex in Miramar, Florida has been acquired by Related Companies for $48 million. The property, consisting of 320 units in 13 three-story buildings, was sold by Zom Living. The transaction marks Related Companies' continued expansion in South Florida.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $48,000,000
  • Address: 8991 & 9577 Southwest 41st Street, Miramar
  • Market: Miramar
  • Buyer: Related Companies - Stephen Ross & Jorge Pérez
  • Seller: Zom Living - Greg West
  • Lender: Berkadia
  • Units: 320
  • Price per Unit (PPU): $150,000

Related Companies, led by Stephen Ross and Jorge Pérez, acquired the Sorrento affordable housing complex in Miramar, Florida. The purchase price for the property was $48 million. The complex consists of 320 units spread across 13 three-story buildings. The seller, Zom Living, completed the transaction with Related Companies securing a $25 million acquisition loan from Berkadia.

Players

Stephen Ross
Related Companies
Stephen Ross
47 deals$5.2B volume
BUYER
GW
ZOM Living
Greg West
4 deals$316.6M volume
SELLER
Berkadia
Berkadia
LENDER

Details

SOLD
IMAGE: Jorge Pérez, Stephen Ross & Greg West DATE: 10/03/2023 ADDRESS: 8991 & 9577 Southwest 41st Street MARKET: Miramar ASSET TYPE: Multifamily BUYER: Related Companies (@RelatedCos) - Stephen Ross & Jorge Pérez SELLER: Zom Living - Greg West LENDER: Berkadia (@Berkadia) SALE PRICE: $48,000,000 UNITS: 320 ~ PPU: $150,000 NOTE: Related Companies, led by Stephen Ross, acquired the Sorrento affordable housing complex in Miramar, Florida, for $48 million. The property comprises 320 units in 13 three-story buildings and was purchased from Zom Living, with Related securing a $25 million acquisition loan from Berkadia for the transaction, marking their continued expansion in South Florida. érez

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

$2,560,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$170,533.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$227,544.49
Annual Debt Service$2,730,533.86