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Joe Hooker Acquires Monaco Apartments In Midland For $45.77M
SOLD
$45,770,000
Texas
See Similar DealsMultiFamily
Sold 07/12/2024
SOLD
Joe Hooker Acquires Monaco Apartments In Midland For $45.77M
311 South Loop 250 West
See Similar DealsMultiFamily
Sold 07/12/2024
Summary
TEXAS
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily asset located at 311 South Loop 250 West in Midland has been sold for $45,770,000. This property comprises 256 units, bringing the price per unit to approximately $178,789. The luxury Monaco Apartments were constructed in 2020 and feature various upscale amenities such as a fitness center, luxury pool, and a community clubhouse.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $45,770,000
- Buyer: Joe Hooker
- Buyer Company: Monaco Apartments LLC
- Units: 256
- Price Per Unit: $178,789
- Market: Midland
Joe Hooker represented Monaco Apartments LLC in the acquisition of the property. The transaction was completed on July 12, 2024.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,441,066.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$162,611.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$216,973.15
Annual Debt Service$2,603,677.81
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