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Mill Creek Residential Acquires Mixed-Use Property From Nova Southeastern University For $25M

Property Image
SOLD
$25,000,000

Florida

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Mixed-use
Sold 07/14/2022
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Property Image
SOLD

Mill Creek Residential Acquires Mixed-Use Property From Nova Southeastern University For $25M

3400 S University Dr, Fort Lauderdale...

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Mixed-use
Sold 07/14/2022
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Summary

FLORIDA
Asset Type:Mixed-use
Transaction Type:Sale

The property located at 3400 S University Dr, Fort Lauderdale, was involved in a recent transaction. This mixed-use asset was sold for $25,000,000.00. The sale took place in Davie, involving the seller's representatives Manny de Zarraga and Simon Banke from JLL. The buyer of the property was Mill Creek Residential, with the seller being Nova Southeastern University.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $25,000,000.00
  • Address: 3400 S University Dr, Fort Lauderdale
  • Market: Davie
  • Seller's Rep: Manny de Zarraga(JLL), Simon Banke(JLL)
  • Buyer: Mill Creek Residential
  • Seller: Nova Southeastern University

The transaction's key individuals included the seller's representatives Manny de Zarraga and Simon Banke from JLL. The buyer, Mill Creek Residential, was represented in the deal. Nova Southeastern University acted as the seller of the property, closing a significant deal in the Davie market.

Players

Manny de Zarraga
18 deals$2B volume
BROKER

Simon Banke
JLL
26 deals$1.4B volume
BROKER

Mill Creek Residential
BUYER

Details

SOLD
IMAGE: 07/14/2022 ADDRESS: 3400 S University Dr, Fort Lauderdale... MARKET: Davie ASSET TYPE: Mixed-use SELLER'S REP: Manny de Zarraga(JLL), Simon Banke(JLL) BUYER: Mill Creek Residential SELLER: Nova Southeastern University PRICE: $25,000,000.00

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$88,819.73
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