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462 Lucy Lou Place

Joe Lubeck Of American Landmark Apartments Acquires Development Site In Brandon For $63.14M
SOLDDevelopment Site

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