TriBridge Residential Acquires Gastonia Multifamily For $44.8M
SOLD
$44,800,000
North Carolina
See Similar DealsMultiFamily75,000 SF
Sold 09/30/2022
SOLD
TriBridge Residential Acquires Gastonia Multifamily For $44.8M
300 South Firestone Street, Gastonia, North Carolina 28052, United States
See Similar DealsMultiFamily75,000 SF
Sold 09/30/2022
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$597
Total Square Footage:75,000 SF
Transaction Type:Sale
The multifamily property located at 300 S Firestone St in Gastonia, NC has been sold for a total price of $44,800,000. This transaction was completed by TriBridge Residential as the buyer and Loray Mill Redevelopment, LLC as the seller. The property consists of 189 units, with a price per unit of $237,037. It spans a total area of 75,000 square feet, resulting in a price per square foot of $597.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $44,800,000
- Address: 300 S Firestone St, Gastonia, NC
- Buyer: TriBridge Residential
- Seller: Loray Mill Redevelopment, LLC
- Brokers: Jack Lenihan & Connor Kerns - Matthews Real Estate Investment Services
- Units: 189
- Price Per Unit: $237,037
- Total Square Footage: 75,000
- Price Per Square Foot: $597
Jack Lenihan & Connor Kerns, representing Matthews Real Estate Investment Services, facilitated the sale of this multifamily property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,389,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,164.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$212,374.86
Annual Debt Service$2,548,498.27
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