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Bonaventure Realty Group Acquires Monticello Station Apartments In Norfolk, VA For $42M
SOLD
$42,000,000
Virginia
See Similar DealsMultiFamily
Sold 11/23/2023
SOLD
Bonaventure Realty Group Acquires Monticello Station Apartments In Norfolk, VA For $42M
380 East Freemason Street
See Similar DealsMultiFamily
Sold 11/23/2023
Summary
VIRGINIA
Asset Type:MultiFamily
Transaction Type:Sale
Bonaventure Realty Group has acquired the Monticello Station Apartments, a multifamily property located at 380 East Freemason Street in Norfolk, Virginia. The property consists of 121 units and was sold for a total of $42 million.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Units: 121
- Price Per Unit: $347,107
The buyer, Dwight Dunton, represented the Bonaventure Realty Group in the transaction. The seller, Miles Leon, was represented by S.L. Nusbaum.
Note: Bonaventure Realty Group made the acquisition through its multifamily fund.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,239,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$149,217.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$199,101.43
Annual Debt Service$2,389,217.13
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