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7400 NW 24th Pl Sunrise, FL...

CC Homes Acquires Sunrise Country Club In Fort Lauderdale For $12.3M
SOLDDevelopment Site

CC Homes Acquires Sunrise Country Club In Fort Lauderdale For $12.3M

7400 NW 24th Pl Sunrise, FL 33313, USA

$12,300,000

Building Size

Asset Type

Development Site

Closing

May 25, 2023

AI

Developers Armando Codina and Jim Carr have purchased the closed Sunrise Country Club in Fort Lauderdale, Florida, for $12.3 million. The property is a 160-acre development site located at 7400 Northwest 24th Place. The developers plan to transform the site into a 900-home project called Solterra, consisting of single-family homes and townhouses. Financing for infrastructure improvements will be covered through special assessments on future homeowners.

Summary of Transaction Details

  • Property Type: Development Site
  • Transaction Amount: $12,300,000
  • Address: 7400 Northwest 24th Place
  • Market: Fort Lauderdale
  • Acres: 160
  • Buyer: CC Homes - Andres Miyares, Armando Codina & Jim Carr
  • Seller: Roland DiGasbarro

Armando Codina and Jim Carr, renowned developers, have successfully acquired the closed Sunrise Country Club in Fort Lauderdale. They plan to turn the 160-acre site into a 900-home community named Solterra, which will comprise both single-family homes and townhouses. The developers will finance the necessary infrastructure improvements through special assessments on future homeowners.

Players

Armando Codina

CC Homes

Buyer

$736M

vol

13 deals

Buyer
CC Homes
CC HomesBuyer
Roland DiGasbarro

Roland DiGasbarro

Windsor Investments

Seller

$87.3M

vol

5 deals

Seller

Sunrise 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

1.29%

Cash-on-Cash

-0.37%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93