Updated Oct 28, 2024
K. Hovnanian Homes Acquires Development Site In West Palm Beach For $15M
246 Southeast Salerno Road, Stuart, Florida 34997, United States
$15,000,000
Units
167
Asset Type
Development Site
Closing
Apr 30, 2022
About this deal
AI
A development site located at 246 SE Salerno Rd in West Palm Beach has been sold for $15,000,000. The property has a total of 47 acres, making the price per acre approximately $319,149. The site consists of 79 single-family detached homes and 88 townhouses, resulting in a total of 167 units. The cost per unit comes out to be around $89,820.
Summary of transation details
- Property Type: Development Site (79 Single Family Detached & 88 Town House)
- Transaction Amount: $15,000,000
- Address: 246 SE Salerno Rd
- Market: West Palm Beach
- Buyer: K. Hovnanian Homes (KHOV)
- Seller: Donald Pillar
- Acres: 47
- Price per Acre (PPA): $319,149
- Units: 167
- Price per Unit (PPU): $89,820
K. Hovnanian Homes (KHOV) acted as the buyer in this transaction, while Donald Pillar served as the seller. The deal was successfully closed on 05/01/2022, marking a significant sale in the West Palm Beach market.
Players
Stuart Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93