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Mill Creek Residential Expands Cornerstone Development With $13M Acquisition Of 2.91-Acre Site In Coral Springs

Property Image
SOLD
$13,000,000

Florida

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Development Site
Sold 07/04/2023
the dealdetailscomps
Property Image
SOLD

Mill Creek Residential Expands Cornerstone Development With $13M Acquisition Of 2.91-Acre Site In Coral Springs

3310 N University Dr Coral Springs, FL 33065, USA

See Similar Deals
Development Site
Sold 07/04/2023
the dealdetailscomps

Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

Mill Creek Residential has acquired a 2.91-acre development site in Coral Springs for $13 million. The property, located at 3310 University Drive, will be utilized for the expansion of the Cornerstone mixed-use development. The plans include the construction of an eight-story apartment complex with 361 units, as well as retail space and various amenities.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $13,000,000
  • Address: 3310 University Drive
  • Market: Coral Springs
  • Buyer: Mill Creek Residential - William C. MacDonald
  • Seller: Predesco - Rod Sheldon; Arctrust Investment Manager

The buyer, Mill Creek Residential, represented by William C. MacDonald, aims to expand the Cornerstone mixed-use development with the addition of the new apartment complex. The eight-story building will offer 361 units to meet the growing demand for housing in Coral Springs. In addition to the residential units, the development will also feature retail space and a range of amenities, enhancing the overall appeal of the community.

Players

Mill Creek Residential
Mill Creek Residential
BUYER

Details

SOLD
IMAGE: William C. MacDonald DATE: 07/04/2023 ADDRESS: 3310 University Drive MARKET: Coral Springs ASSET TYPE: Development Site ~ ACRES: 2.91 BUYER: Mill Creek Residential - William C. MacDonald SELLER: Predesco - Rod Sheldon; Arctrust Investment Manager SALE PRICE: $13,000,000 NOTE: Mill Creek Residential purchased a 2.91-acre site in Coral Springs for $13 million, where they plan to expand the Cornerstone mixed-use development with an eight-story apartment complex featuring 361 units, retail space, and amenities.

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Operating Expenses (Annual)
Net Operating Income (NOI)

$693,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59