Updated Oct 28, 2024
Sterling Equities Acquires Multifamily Property In Austin From The Michaels Organization
5700 East Riverside Drive, Austin, Texas 78741, United States
Units
306
Asset Type
MultiFamily
Closing
Aug 29, 2022
About this deal
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.
Traded’s record for 5700 East Riverside Drive, Austin, Texas 78741, United States in Austin, Texas covers a multifamily sale from 2022. Reported inventory is 306 units across 306 units. Michael Gonzalez, Kelly Witherspoon, Berkadia appear on the sale alongside Berkadia. This page is the Austin, Texas file for the 5700 East Riverside Drive, Austin, Texas 78741, United States multifamily sold: pricing, party profiles, and other closed multifamily comps from the same Austin sit in the Market section below. Filter that Austin multifamily set by closing date to see what else sold near 5700 East Riverside Drive, Austin, Texas 78741, United States around 2022. Cite this Sterling Equities Acquires Multifamily Property In Austin From The Michaels Organization sale when underwriting similar multifamily product around Austin, Texas.
Players
Austin MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Browse Texas multifamily sales on Traded.
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