Updated Dec 4, 2024
Starwood Capital Group Acquires Development Site In West Palm Beach For $18.3M
350 South Australian Avenue, West Palm Beach, FL, USA
$18,300,000
$13,811/SF
Building Size
1,325 SF
Asset Type
Development Site
Closing
Sep 16, 2021
About this deal
AI
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.
On the Map
$18,300,000
$13,811/SF
Development Site
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Players
West Palm Beach 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
0.87%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93