Cortney Newmans & Jordan McCray Acquire Multifamily In East Point, GA For $14.5M
SOLD
$14,500,000
Georgia
See Similar DealsMultiFamily178,000 SF
Sold 12/27/2023
SOLD
Cortney Newmans & Jordan McCray Acquire Multifamily In East Point, GA For $14.5M
1900 Delowe Stanton Acces Road
See Similar DealsMultiFamily178,000 SF
Sold 12/27/2023
Summary
GEORGIA
Asset Type:MultiFamily
Price Per Square Foot:$81
Total Square Footage:178,000 SF
Transaction Type:Sale
The multifamily property located at 1900 Delowe Stanton Acces Road in East Point, GA has been sold for $14,500,000. The property comprises 164 units with an average price per unit of $88,415. The total square footage of the property is 178,000, resulting in a price per square foot of $81.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $14,500,000
- Address: 1900 Delowe Stanton Acces Road, East Point, GA
- Market: East Point, GA
- Buyer: Cortney Newmans & Jordan McCray
- Seller: Frankforter Group
- Brokers: Marco Welch & Scott Spalding - Marcus & Millichap
- Lender: Arbor Realty Trust
- Number of Units: 164
- Price per Unit: $88,415
- Total Square Footage: 178,000
- Price per Square Foot: $81
The buyer in this transaction was Cortney Newmans and Jordan McCray, while the seller was the Frankforter Group. The brokers involved in the deal were Marco Welch and Scott Spalding from Marcus & Millichap. The lender for this transaction was Arbor Realty Trust.
Players
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$773,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$51,515.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$68,737.40
Annual Debt Service$824,848.77
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