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Garret Bedrin Acquires Fairview Village Apartments In Lexington For $14.1M
SOLD
$14,100,000
North Carolina
See Similar DealsMultiFamily
Sold 02/18/2024
SOLD
Garret Bedrin Acquires Fairview Village Apartments In Lexington For $14.1M
812 Fairview Drive
See Similar DealsMultiFamily
Sold 02/18/2024
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
The Fairview Village Apartments in Lexington, NC, were sold for $14.1 million to Garret Bedrin of the Bedrin Organization. This multifamily property consists of 120 units, equating to a purchase price per unit of $117,500.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,100,000
- Units: 120
- Price Per Unit: $117,500
- Buyer: Garret Bedrin - Bedrin Organization
- Market: Lexington, NC
The Bedrin Organization, a real estate investor based in New Jersey, broadens its footprint in the Triad region with this third apartment acquisition. This strategic purchase adds the Fairview Village Apartments to their growing portfolio, signaling their commitment to expanding their presence in the market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$751,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$50,094.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$66,841.19
Annual Debt Service$802,094.32
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