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Oakley Group Acquires 80-Unit Griffin Gate Apartment Community In Hopkinsville, TN For $10.8M

Property Image
SOLD
$10,800,000

Kentucky

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MultiFamily
Sold 07/19/2023
the dealplayerscompscontact
Property Image
SOLD

Oakley Group Acquires 80-Unit Griffin Gate Apartment Community In Hopkinsville, TN For $10.8M

300 Griffin Gate Drive Hopkinsville, Kentucky 42240, USA

See Similar Deals
MultiFamily
Sold 07/19/2023
the dealplayerscompscontact
Contact now

Summary

KENTUCKY
Asset Type:MultiFamily
Transaction Type:Sale

Oakley Group has acquired Griffin Gate, an 80-unit apartment community in Hopkinsville, Tennessee, for $10.8 million. The property is situated on 16 acres and offers multifamily living options. With a purchase price of $135,000 per unit, this acquisition presents a significant opportunity for Oakley Group.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $10,800,000
  • Units: 80
  • Price Per Unit: $135,000
  • Address: 300 Griffin Gate Drive, Hopkinsville, KY
  • Market: Hopkinsville, KY

Tyler Mayo of Cushman & Wakefield served as the broker for Oakley Group's acquisition of Griffin Gate. Supporting the transaction, Lument provided the financing, with Chad Hagwood and Brandon Pate representing the lender. These key individuals played a crucial role in facilitating the successful purchase of this apartment community.

Players

Tyler Mayo
Capstone Companies
Tyler Mayo
2 deals$23.3M volume
BROKER
Oakley Group
Oakley Group
BUYER
Lument
Lument
LENDER

Details

SOLD
IMAGE: Tyler Mayo, Chad Hagwood & Brandon Pate DATE: 07/19/2023 ADDRESS: 300 Griffin Gate Drive MARKET: Hopkinsville, KY ASSET TYPE: Multifamily ~ ACRES: 16 BUYER: Oakley Group BROKER: Tyler Mayo - Cushman & Wakefield LENDER: Lument - Chad Hagwood & Brandon Pate SALE PRICE: $10,800,000 UNITS: 80 ~ PPU: $135,000 NOTE: Oakley Group has acquired Griffin Gate, an 80-unit apartment community in Hopkinsville, Tennessee, for $10.8 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$576,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$38,370.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$51,197.51
Annual Debt Service$614,370.12