Air Communities Acquires 845-Unit Multifamily In Miami Beach For $471M
SOLD
$471,000,000
Florida
See Similar DealsMultiFamily
Sold 11/04/2022
SOLD
Air Communities Acquires 845-Unit Multifamily In Miami Beach For $471M
900 West Avenue, Miami Beach, Florida 33139, United States
See Similar DealsMultiFamily
Sold 11/04/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property located at 900 West Avenue & 555 Northeast Eighth Street in Miami Beach & Fort Lauderdale has been sold for a total of $471,000,000. The property consists of 845 units and covers an area of 6 acres. The transaction was completed on 11/04/2022.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $471,000,000
- Units: 845
- Price Per Unit: $557,396
- Address: 900 West Avenue & 555 Northeast Eighth Street
- Market: Miami Beach & Fort Lauderdale
- Seller: Mill Creek Residential ; Gumenick Properties - Randy Gumenick
- Buyer: Air Communities - Terry Considine
Terry Considine of Air Communities represented the buyer in the transaction, while the seller was represented by Mill Creek Residential and Gumenick Properties, with Randy Gumenick acting as their representative. The sale of this multifamily property marks a significant transaction in the Miami Beach & Fort Lauderdale market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$25,120,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,673,363.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,232,780.29
Annual Debt Service$26,793,363.52
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