M Development Acquires 27-Property Portfolio In Naples From Hoffmann Family Of Cos. For $182M
$182,000,000
Building Size
—
Asset Type
Package Deal
Closing
Nov 9, 2023
AI
Aspen's M Development, led by Brandon Tarpey, has acquired a portfolio of 27 properties in Naples from the Hoffmann Family of Cos. The package deal, which was closed on November 9, 2023, marks a significant move in the real estate market.
Summary of transaction details
- Property Type: Package Deal
- Transaction Amount: $182,000,000
- Market: Naples
M Development, under the leadership of Brandon Tarpey, completed the purchase of the portfolio from the Hoffmann Family of Cos., represented by David Hoffmann. The deal represents a substantial transaction in the real estate industry, demonstrating Aspen's commitment to expanding their holdings.
Players
Market Package Deal Market Snapshot
Boundary boundary · Package Deal · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93