American Landmark Acquires 729-Unit Multifamily Property In Miramar, FL And Fort Worth, TX With $177.3M Loan
11575 City Hall Promenade, Miramar, Florida 33025, United States
$177,251,954
$473/SF
Building Size
374,150 SF
Asset Type
MultiFamily
Closing
Jul 5, 2022
AI
American Landmark has acquired a multifamily property consisting of 729 units located in Miramar, FL and Fort Worth, TX. The property, situated at 11575 City Hall Promenade and 401 Hemphill St respectively, has been purchased through an acquisition loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $177,251,954
- Date: 07/06/2022
- Market: Miramar, FL & Fort Worth, TX
- Units: 729
Newmark facilitated the acquisition deal, with brokers Henry Stimler, Bill Weber, Matt Mense, and Ari Schwartzbard representing the buyer.
Players
Miramar MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93