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180 Cypress Development Group Sells Hollybrook Homes Apartments In Jacksonville For $18M

Property Image
SOLD
$18,000,000

Florida

See Similar Deals
MultiFamily
Sold 10/18/2023
the dealdetailscomps
Property Image
SOLD

180 Cypress Development Group Sells Hollybrook Homes Apartments In Jacksonville For $18M

104 King Street

See Similar Deals
MultiFamily
Sold 10/18/2023
the dealdetailscomps

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The 182-unit Hollybrook Homes Apartments at 104 King St. in Lackawanna, West Jacksonville, were sold for $18 million on Oct. 16. The buyer, 180 Cypress Development Group, purchased the property from the seller, Omni New York, through Hollybrook Homes Apartments LP. The per-unit price for the transaction was $92,901. The apartments range in size from 712 to 1,440 sq ft, with estimated rents between $950 and $1,299.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $18,000,000
  • Address: 104 King Street
  • Market: Jacksonville
  • Acres: 13
  • Buyer: 180 Cypress Development Group
  • Seller: Omni New York
  • Units: 182
  • Price Per Unit: $92,901

The buyer, 180 Cypress Development Group, made the purchase through Hollybrook Homes Apartments LP. On the other side, the seller was Omni New York. This transaction showcases the involvement of key individuals and companies in the real estate deal.

Players

OY
Omni New York
SELLER

Details

SOLD
IMAGE: 10/18/2023 ADDRESS: 104 King Street MARKET: Jacksonville ASSET TYPE: Multifamily ~ ACRES: 13 BUYER: 180 Cypress Development Group SELLER: Omni New York SALE PRICE: $18,000,000 UNITS: 182 ~ PPU: $98,901 NOTE: The 182-unit Hollybrook Homes Apartments at 104 King St. in Lackawanna, West Jacksonville, were sold for $18 million on Oct. 16. Omni New York, through Hollybrook Homes Apartments LP, acquired the property from 180 Cypress Development Group, with a per-unit price of $92,901, offering apartments ranging from 712 to 1,440 sq ft and rents estimated at $950 to $1,299.

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

$960,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20