Alta Development Acquires Fort Lauderdale Development Site For $20.7M
608 Southwest Flagler Avenue, Fort Lauderdale, Florida 33301, United States
$20,750,000
Building Size
—
Asset Type
Development Site
Closing
Oct 2, 2022
AI
The development site located at 608, 612 & 614 SW Flagler Ave, 100 SW Sixth St. & 609 SW First Ave in Fort Lauderdale has been sold for a total price of $20,750,000. The buyer, Alta Development represented by Raimundo Onetto, acquired the property from Bizzi & Partners.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $20,750,000
- Address: 608, 612 & 614 SW Flagler Ave, 100 SW Sixth St. & 609 SW First Ave, Fort Lauderdale
- Market: Fort Lauderdale
- Buyer: Alta Development - Raimundo Onetto
- Seller: Bizzi & Partners
- Approved Project: 400-unit project with 4,198 square feet of retail space and a 463-space parking garage
Raimundo Onetto, representing Alta Development, played a key role in the acquisition of the development site in Fort Lauderdale. The property had already been approved for a 400-unit project, including retail space and a parking garage.
Players
Fort Lauderdale 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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93