Sinatra & Co. has acquired its first multifamily asset Cocoa Grand Apartments in Cocoa, Florida, and its fifth asset in the Florida market, for $64.3M.
“This acquisition marks a significant milestone for Sinatra & Co. as we continue to expand our footprint in Florida,” said Nick Sinatra, Founder and CEO of Sinatra & Co. “Cocoa Grand Apartments aligns perfectly with our strategy of investing in high-potential markets and properties with strong fundamentals and growth potential. We are eager to bring our expertise and resources to this vibrant community, enhancing the living experience for all.”
In order to ensure comprehensive support and effective management of Cocoa Grand Apartments, ongoing property management activities will remain on-site, while regional operations will be centrally coordinated from Sinatra & Co.’s Tampa headquarters. The Sinatra & Co. team is excited to introduce the Sinatra Standard of excellence in customer service and the One Team, One Direction management philosophy to the community.
Sinatra & Co. financed the acquisition through its SCRE FL Value Add Fund along with Stolar Capital, The Nanula Family Office, and Citi Bank as the debt provider.
Berkadia completed the sale and financing of Cocoa Grand. Managing Director David Etchison, Senior Managing Director Cole Whitaker, and Director Mary Beale arranged the $64.3 million sale on behalf of the seller. Senior Managing Director Bob Falese of Berkadia’s Philadelphia office arranged the financing on behalf of Sinatra & Co.
Sinatra & Company Real Estate is a vertically integrated real estate firm focused on multifamily acquisition, property management, and development. Sinatra & Co. is the owner-operator of apartment home communities across Upstate and Western New York, Illinois, and Florida. Sinatra & Co. and its affiliates manage more than $750 million in real estate assets compromised of over 4,500 multifamily units. With a pipeline of over $300 million in upcoming projects, Sinatra & Co. strives to operate in excellence through growth and positive impact for our projects, people, and communities.
