FRMF Jax Acquires Multifamily Property In Jacksonville For $66.25M
SOLD
$66,250,000
Florida
See Similar DealsMultiFamily1,357 SF
Sold 04/06/2021
SOLD
FRMF Jax Acquires Multifamily Property In Jacksonville For $66.25M
12517 Beach Boulevard, Jacksonville, FL, USA
See Similar DealsMultiFamily1,357 SF
Sold 04/06/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$48,820
Total Square Footage:1,357 SF
Transaction Type:Sale
A multifamily property located at 12517 Beach Boulevard in Jacksonville was recently sold. The property, consisting of 301 units, was acquired by FRMF Jax, LLC for a total price of $66,250,000. This translates to an average price per unit of $220,100. The transaction took place on April 6, 2021.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $66,250,000
- Address: 12517 Beach Boulevard
- Market: Jacksonville
- Units: 301
- Price per Unit: $220,100
The seller in this deal was Waypoint Real Estate Investments, represented by Scott Lawlor. Scott Lawlor works for Waypoint Real Estate Investments as their representative. The transaction was completed on behalf of the buyer, FRMF Jax, LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$235,372.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$314,058.80
Annual Debt Service$3,768,705.59
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