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Kingdom Development Acquires Multifamily Properties In West Palm Beach For $59.3M

Property Image
SOLD
$59,300,000
Tal Frydman
Hampton Beebe
SR

Florida

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MultiFamily
Sold 12/08/2021
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Property Image
SOLD

Kingdom Development Acquires Multifamily Properties In West Palm Beach For $59.3M

1001 36th Street, West Palm Beach, FL, USA

See Similar Deals
MultiFamily
Sold 12/08/2021
Tal Frydman
Hampton Beebe
SR
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The recent sale in West Palm Beach involved a multifamily property located at 1001 36th Street, 1210 Palm Beach Lakes Boulevard, and 345 30th Street. This property spans over 14.3 acres and consists of 309 units. The transaction took place on 12/08/2021.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $59,300,000
  • Units: 309
  • Acres: 14.3
  • Market: West Palm Beach

The buyer in this transaction was Kingdom Development, represented by William Leach. The seller was Shloime Rosenberg. The deal was facilitated by brokers Tal Frydman and Hampton Beebe from Newmark Multifamily Capital Markets.

Players

Hampton Beebe
Newmark
Hampton Beebe
19 deals$1.2B volume(561) 210-4129
BROKER
Tal Frydman
Newmark
Tal Frydman
16 deals$658.9M volume
BROKER
KD
Kingdom Development
BUYER
SR
Shloime Rosenberg
2 deals$77.8M volume
SELLER

Details

SOLD
IMAGE: Hampton Beebe, William Leach & Tal Frydman DATE: 12/08/2021 ADDRESS: 1001 36th Street, 1210 Palm Beach Lakes Boulevard & 345 30th Street MARKET: West Palm Beach ASSET TYPE: Multifamily ~ UNITS: 309 ~ ACRES: 14.3 BUYER: Kingdom Development - William Leach SELLER: Shloime Rosenberg BROKERS: Tal Frydman & Hampton Beebe - Newmark Multifamily Capital Markets SALE PRICE: $59,300,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,162,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$210,680.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$281,112.25
Annual Debt Service$3,373,347.04