Alliance Residential Co. And The Carlyle Group Acquire Development Site In West Palm Beach For $11.5M
SOLD
$11,500,000
Florida
See Similar DealsDevelopment Site1,306,800 SF
Sold 02/01/2021
SOLD
Alliance Residential Co. And The Carlyle Group Acquire Development Site In West Palm Beach For $11.5M
3590 Village Boulevard, West Palm Beach, FL, USA
See Similar DealsDevelopment Site1,306,800 SF
Sold 02/01/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$8
Total Square Footage:1,306,800 SF
Transaction Type:Sale
The development site located at 3590 Village Boulevard in West Palm Beach was recently sold in a transaction. The buyers involved in the deal were Alliance Residential Co., represented by Bruce Ward, and The Carlyle Group, represented by Kewsong Lee. The sellers of the property were the First Baptist Church, represented by Pastor Jimmy Scroggins. The transaction took place on 02/01/2021.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $11,500,000
- Address: 3590 Village Boulevard
- Market: West Palm Beach
In addition to the distinct details mentioned above, the transaction involved a total of 30 acres of land. This translates to a price per acre (PPA) of $383,333.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$613,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$40,857.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,515.87
Annual Debt Service$654,190.40
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