Kolter Group Acquires 149-Acre Development Site In Palm Beach Gardens For $73.6M
$73,600,000
Building Size
—
Asset Type
Development Site
Closing
Jan 19, 2024
AI
Kolter Group has acquired Lot 16, a 149-acre development site in Palm Beach Gardens' Avenir development, for $73.6 million. The site is located on Northlake Boulevard and is part of a larger residential project. Kolter Group plans to develop up to 491 residential units on the site, likely single-family homes catering to individuals aged 55 and older. The development will also include a tract center and club facility.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $73,600,000
- Address: Lot 16 at Northlake Boulevard
- Market: Palm Beach Gardens
- Acres: 149
The buyer, Bobby Julien, represented by Kolter Group, acquired the property from the seller, David Serviansky, who represented Landstar Development Group.
Players
Market 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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93