American Residential Investment Management Acquires Multifamily Asset In Lutz For $30.6M
SOLD
$30,600,000
+ 1
New York
See Similar DealsMultiFamily9,764 SF
Sold 08/28/2020
SOLD
American Residential Investment Management Acquires Multifamily Asset In Lutz For $30.6M
14620 Turtle Creek Cir, Lutz, Fl 33549, Usa
See Similar DealsMultiFamily9,764 SF
Sold 08/28/2020
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$3,134
Total Square Footage:9,764 SF
Transaction Type:Sale
The multifamily property located at 14620 Turtle Creek in Lutz was recently sold in a closed transaction. The property consists of 232 units and was sold for a total price of $30,600,000, resulting in a price per unit of $131,897.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,600,000
- Units: 232
- Price Per Unit: $131,897
- Date: 08/28/2020
- Market: Lutz
The seller of the property was Praxis Capital, while the buyer was American Residential Investment Management. The deal was facilitated by Jason Stanton, Cole Whitaker, Justin Ownby, and Henry Tanner from Berkadia.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,632,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$108,715.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$145,059.61
Annual Debt Service$1,740,715.34
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