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Sheryl Palmer Of Taylor Morrison And Kennedy Lewis Acquire 358-Acre McKinnon Groves For $59.6M
SOLD
$59,600,000
Florida
See Similar DealsDevelopment Site
Sold 12/09/2024
SOLD
Sheryl Palmer Of Taylor Morrison And Kennedy Lewis Acquire 358-Acre McKinnon Groves For $59.6M
17450 Hartwood Marsh Road
See Similar DealsDevelopment Site
Sold 12/09/2024
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The transaction involved a development site located at 17450 Hartwood Marsh Road in the Winter Garden market. The sale price for this property asset was $59,600,000, and it encompasses 358 acres of land intended for the development of a residential community.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $59,600,000
- Buyer: Sheryl Palmer - Taylor Morrison
- Co-buyers: David K. Chene, Darren L. Richman & Doug Logigian - Kennedy Lewis
- Development Project Name: Esplanade McKinnon Groves
- Number of Homes: 658
- First Phase Homes: 266
- Expected Sales Launch: Spring 2026
- Location: McKinnon Groves, Lake County
Sheryl Palmer represents Taylor Morrison in the deal, while David K. Chene, Darren L. Richman, and Doug Logigian represent Kennedy Lewis. The project aims to provide resort-style amenities for residents once completed.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,178,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$211,746.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$282,534.41
Annual Debt Service$3,390,412.88
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