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David Mandarich Of Richmond American Homes Purchases 67.47 Acre Development Site From Edward E. Burr For $38.45M
SOLD
$38,450,000
Florida
See Similar DealsDevelopment Site
Sold 04/30/2025
SOLD
David Mandarich Of Richmond American Homes Purchases 67.47 Acre Development Site From Edward E. Burr For $38.45M
Development Site
Sold 04/30/2025
Summary
Asset Type:Development Site
Transaction Type:Sale
The property involved in the transaction is a development site located at County Road 208 & Pacetti Road in St. Johns County, covering an area of 67.47 acres. Richmond American Homes acquired this site for $38,450,000 from GreenPointe Holdings. The site is incorporated within the larger 1,400-acre TrailMark master-planned community, which is designed for the development of over 2,200 residential homes.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $38,450,000
- Buyer: David Mandarich - Richmond American Homes
- Seller: Edward E. Burr - GreenPointe Holdings
- Acres: 67.47
- Market: St. Johns County
David Mandarich represents Richmond American Homes in this transaction, while Edward E. Burr represents GreenPointe Holdings. The buyer, through this acquisition, purchased 197 lots specifically in the Whisper Creek Phase 13 section of TrailMark as part of the overall development initiative in the area.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,050,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$136,604.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$182,272.62
Annual Debt Service$2,187,271.40
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