Joe Lubeck Of American Landmark Apartments Acquires Development Site In Brandon For $63.14M
462 Lucy Lou Place
$63,140,000
Building Size
—
Asset Type
Development Site
Closing
Nov 7, 2024
AI
The property asset involved in the transaction is a development site located at 462 Lucy Lou Place in Brandon. The sale price for this asset was $63.14 million, and it is part of a larger 55-acre project known as the Brandon Town Center. The development will feature 360 townhouse-style rental units upon completion.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $63,140,000
- Buyer: Joe Lubeck - American Landmark Apartments
- Market: Brandon
- Mortgage Amount: $57,700,000
- Units upon completion: 360
Joe Lubeck, representing American Landmark Apartments, has successfully acquired the Cottages at Brandon, an under-construction community. This transaction contributes to the company's growth in the multifamily housing market within Florida.
Players
Brandon Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93