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
$11,500,000
$8/SF
Building Size
1,306,800 SF
Asset Type
Development Site
Closing
Jan 31, 2021
AI
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
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
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93