TriBridge Residential Acquires Gastonia Multifamily For $44.8M
300 South Firestone Street, Gastonia, North Carolina 28052, United States
$44,800,000
$597/SF
Building Size
75,000 SF
Asset Type
MultiFamily
Closing
Sep 29, 2022
AI
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.
Players
Gastonia MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93