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Pier Property Group Sells 214-Unit Multifamily In Maryland Heights For $54.1M
SOLD
$54,100,000
Missouri
See Similar DealsMultiFamily
Sold 04/30/2024
SOLD
Pier Property Group Sells 214-Unit Multifamily In Maryland Heights For $54.1M
12703 Dorsett Road
See Similar DealsMultiFamily
Sold 04/30/2024
Summary
MISSOURI
Asset Type:MultiFamily
Transaction Type:Sale
The Flats at Dorsett Ridge, a 214-unit apartment complex located at 12703 Dorsett Road in Maryland Heights, MO, was sold by Pier Property Group for $54.1 million, resulting in a per-unit price of $252,803. The transaction was facilitated by Northmarq and the buyer was an undisclosed East Coast investor.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $54,100,000
- Units: 214
- Price Per Unit: $252,803
- Seller: Michael Hamburg - Pier Property Group
- Broker: Northmarq
- Market: Maryland Heights, MO
Pier Property Group, led by Michael Hamburg, successfully offloaded the Flats at Dorsett Ridge to an undisclosed East Coast investor. Northmarq represented the seller in this significant multifamily property transaction in Maryland Heights, MO.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,885,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$192,205.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$256,461.60
Annual Debt Service$3,077,539.21
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