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AIR Communities Acquires Flats 8300 Luxury Multifamily In Bethesda For $129.8M
SOLD
$129,823,000
Maryland
See Similar DealsMultiFamily
Sold 05/10/2024
SOLD
AIR Communities Acquires Flats 8300 Luxury Multifamily In Bethesda For $129.8M
8300 Wisconsin Avenue
See Similar DealsMultiFamily
Sold 05/10/2024
Summary
MARYLAND
Asset Type:MultiFamily
Transaction Type:Sale
Flats 8300, a luxury apartment complex located at 8300 Wisconsin Avenue in Bethesda, MD, was acquired by AIR Communities for $129,823,000. The property features 359 units, a 50,000-square-foot Harris Teeter, and amenities such as a rooftop pool and fitness center.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $129,823,000
- Units: 359
- Price Per Unit: $361,624
- Market: Bethesda, MD
- Buyer: AIR Communities - Josh Minix
AIR Communities, headed by Josh Minix, completed the acquisition of Flats 8300 in Bethesda, adding this luxurious property to their portfolio.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,923,893.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$461,233.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$615,427.25
Annual Debt Service$7,385,127.03
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