Property details

Rare Southern Florida Class A Multifamily Opportunity, Southeast Region

Property Description

Rare Southern Florida Class A Multifamily Opportunity

Class A Multifamily Asset

Opportunity for a buyer to lock this asset up today for a closing in 1st quarter of 2019 at Stabilization.

At stabilization, this asset will open up to a large pool of buyers and sell quickly.

Stabilization is estimated to take place within the first quarter of 2019.

Approx. 450 Units.

Currently ~82% leased up.

Current T12 NOI is ~6.6mm

Stabilized T12 NOI is forecasted to be $7.5mm to $7.7mm

This asset is only being sold today at the forecasted stabilized NOI and will close when stabilization is reached.

The Sale Price shall be at forecasted Stabilized Cap Rate of: 5.38% to 5.50%.

The buyer will need to agree to these terms in order to avoid competition at a later date (as leases up further).

Huge Bonus Opportunity to purchase a 2nd Class A (identical) Multifamily from this developer currently ~50% complete today.



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Highlights

Status:
Available
Price:
$140,000,000
Cap Rate:
5.50%
 

Property Information

Property Type:
Apartments
Industry Type:
Apartment - Multifamily
Units/Spaces:
450
Year Built:
2018
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.