Starwood Capital Group Acquires Development Site In West Palm Beach For $18.3M
SOLD
$18,300,000
Florida
See Similar DealsDevelopment Site1,325 SF
Sold 09/17/2021
SOLD
Starwood Capital Group Acquires Development Site In West Palm Beach For $18.3M
350 South Australian Avenue, West Palm Beach, FL, USA
See Similar DealsDevelopment Site1,325 SF
Sold 09/17/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$13,811
Total Square Footage:1,325 SF
Transaction Type:Sale
A development site located at 350 South Australian Avenue in West Palm Beach has been sold for $18,300,000. The site spans approximately 1.3 acres and was acquired by Starwood Capital Group, represented by Barry Sternlicht. The seller of the property was the Hyperion Group, represented by Rob Vecsler and Winter Properties.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $18,300,000
- Address: 350 South Australian Avenue, West Palm Beach
- Market: West Palm Beach
- Buyer: Starwood Capital Group - Barry Sternlicht
- Seller: Hyperion Group - Rob Vecsler; Winter Properties
Barry Sternlicht, representing Starwood Capital Group, successfully purchased the development site located at 350 South Australian Avenue in West Palm Beach. The seller, Hyperion Group, was represented by Rob Vecsler and Winter Properties in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$976,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$65,016.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$86,751.34
Annual Debt Service$1,041,016.03
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