Sterling Equities Acquires Multifamily Property In Austin From The Michaels Organization
5700 East Riverside Drive, Austin, Texas 78741, United States
Building Size
—
Asset Type
MultiFamily
Closing
Aug 29, 2022
AI
A multifamily property located at 5700 E. Riverside Dr. in Austin has been sold in a recent transaction. The property consists of 306 units and was part of a closed sale.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Not specified
The buyer of the property is Sterling Equities, while the seller is The Michaels Organization, represented by Michael Flannagan and Chris Brookshire. The sale was facilitated by brokers Kelly Witherspoon and Michael Gonzalez from Berkadia.
Players
Austin MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93