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7400 NW 24th Pl Sunrise, FL...

Updated Oct 29, 2024

Bilt advertisement
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

About this deal

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

$88.6M

vol

6 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

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