Southport Financial Real Estate LLC Buys Marina Bay Apartments In Lake Worth For $15.8M
SOLD
$15,800,000
Florida
See Similar DealsRetail
Sold 01/15/2018
SOLD
Southport Financial Real Estate LLC Buys Marina Bay Apartments In Lake Worth For $15.8M
2400 Lantana Rd, Lake Worth, FL, 334...
See Similar DealsRetail
Sold 01/15/2018
Summary
FLORIDA
Asset Type:Retail
Transaction Type:Sale
The Marina Bay Apartments, a 192-unit rental community located at 2400 Lantana Road in Lake Worth, FL, traded hands in a recent transaction for $15.8 million. The property was acquired by Southport Financial Real Estate LLC for approximately $82,000 per unit.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $15,800,000.00
- Address: 2400 Lantana Rd, Lake Worth, FL, 334...
- Market: Lake Worth
- Seller's Rep: Richard Tarquinio(CBRE), Timothy (Tim) Flint(CBRE)
- Buyer: Southport Financial Real Estate LLC
The buyer, Southport Financial Real Estate LLC, is an affiliate of Southport, an affordable housing real estate firm led by J. David Page. The purchase of the Marina Bay Apartments signifies Southport Financial Real Estate LLC's commitment to expanding its affordable housing portfolio in the real estate market.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Similar Buyers
Unlock All Profiles
Upgrade to Traded Pro for full access to every deal, profile & market insight.Unlimited deal views
Access investor profiles & contacts
Exclusive comps & market data
Go Pro
Similar Brokers
Search Address Tool
Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map.NEW!
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$842,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,134.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,900.06
Annual Debt Service$898,800.73
Is there something missing? Send suggestions