Updated Oct 28, 2024
Blackfin Real Estate & GMF Capital Sell Virginia Beach Multifamily For $98.5M
631 Lake Edward Dr, Virginia Beach, VA, USA
$98,500,000
$74,564/SF
Building Size
1,321 SF
Asset Type
MultiFamily
Closing
Nov 18, 2021
About this deal
AI
Located at 631 Lake Edward Drive in Virginia Beach, Va, this recently sold multifamily property offers a lucrative investment opportunity. The property consists of 600 units and was purchased for a total sale price of $98,500,000. With an average price per unit of $164,167, this transaction showcases the robust multifamily market in Virginia Beach.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $98,500,000
- Number of Units: 600
- Price Per Unit: $164,167
- Date: 11/18/2021
- Market: Virginia Beach, Va
- Seller: Blackfin Real Estate Investors & GMF Capital
- Brokers: Wink Ewing, Mike Marshall, Matt Straughan & Jared Alcorn - NorthMarq
The successful transaction was facilitated by a team of experienced brokers representing the seller. Wink Ewing, Mike Marshall, Matt Straughan, and Jared Alcorn from NorthMarq played a significant role in ensuring a smooth deal. Their expertise and industry knowledge contributed to the favorable outcome of this multifamily property sale.
Players
Virginia Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93