Southport Financial Real Estate LLC Buys Marina Bay Apartments In Lake Worth For $15.8M
2400 Lantana Rd, Lake Worth, FL, 334...
$15,800,000
Units
192
Asset Type
Retail
Closing
Jan 15, 2018
About this deal
AI
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.
On the Map
$15,800,000
Retail
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Players
Lake Worth Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.00%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93