Icer Properties Acquires Multifamily Property In Conyers, GA For $27M
SOLD
$27,000,000
Georgia
See Similar DealsMultiFamily1,244 SF
Sold 10/25/2021
SOLD
Icer Properties Acquires Multifamily Property In Conyers, GA For $27M
893 Briar Creek Ct NE, Conyers, GA, USA
See Similar DealsMultiFamily1,244 SF
Sold 10/25/2021
Summary
GEORGIA
Asset Type:MultiFamily
Price Per Square Foot:$21,704
Total Square Footage:1,244 SF
Transaction Type:Sale
An multifamily property located at 893 Briar Creek Ct. NE and 1200 Rockmont Cir SW in Conyers, GA was recently sold in a transaction. The property consists of 254 units and was sold for a total price of $27,000,000, resulting in a per unit price of $106,299.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $27,000,000
- Units: 254
- Price Per Unit: $106,299
- Date: 10/25/2021
- Market: Conyers, GA
The buyer in this transaction was Icer Properties, represented by Joseph Jemal. The seller was Praxis Capital, represented by Brian Burke. Jonathan Brody from Rosewood Realty Group acted as the broker in the deal.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,440,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$95,925.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$127,993.77
Annual Debt Service$1,535,925.30
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