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
Sunrise 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
1.29%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93