Fowler Property Acquisitions Acquires Multifamily In Houston From Thor Equities
SOLD
$182,000,000
Texas
See Similar DealsMultiFamily60,500 SF
Sold 01/04/2022
SOLD
Fowler Property Acquisitions Acquires Multifamily In Houston From Thor Equities
3200 Kirby Drive, Houston, TX 77098
See Similar DealsMultiFamily60,500 SF
Sold 01/04/2022
Summary
TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$3,008
Total Square Footage:60,500 SF
Transaction Type:Sale
Joseph Sitt's multifamily property located at 3200 Kirby Drive in Houston has been sold. The sale took place on January 4, 2022, for a total price of $182,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $182,000,000
- Buyer: Fowler Property Acquisitions
- Seller: Thor Equities - Joseph Sitt
- Market: Houston
Fowler Property Acquisitions was the buyer in this transaction, acquiring the multifamily property from Thor Equities, represented by Joseph Sitt. The deal reflects the vibrant real estate market in Houston and underlines the significance of this investment for both the buyer and the seller.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,706,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$646,607.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$862,772.85
Annual Debt Service$10,353,274.22
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