Frontal Trust Investment Management Acquires Homestead Residential Portfolio For $22M
13244 Old Biscayne Drive, Homestead, FL, USA
$22,000,000
$17,670/SF
Building Size
1,245 SF
Asset Type
Other
Closing
Nov 1, 2021
About this deal
AI
A residential portfolio in Homestead has been sold for $22,000,000. The portfolio includes three properties located at 13244 Old Biscayne Drive, 920 Northeast 33rd Terrace, and 1490 Northeast 33rd Avenue. The sale took place on 11/01/2021.
Summary of transaction details
- Property Type: Residential Portfolio
- Transaction Amount: $22,000,000
- Market: Homestead
Frontal Trust Investment Management, represented by Luis Felipe San Martín, acquired the residential portfolio. The seller was Alta Developers, represented by Raimundo Onetto. Brad Williamson and Mitch Sinberg from Berkadia acted as the mortgage brokers for this transaction.
On the Map
$22,000,000
$17,670/SF
Other
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Players
Homestead Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93