BR Beach House Acquires Multifamily Property In Jacksonville For $67.3M
SOLD
$67,300,000
Florida
See Similar DealsMultiFamily489,812 SF
Sold 11/11/2021
SOLD
BR Beach House Acquires Multifamily Property In Jacksonville For $67.3M
1300 Shetter Avenue
See Similar DealsMultiFamily489,812 SF
Sold 11/11/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$137
Total Square Footage:489,812 SF
Transaction Type:Sale
The multifamily property located at 1300 Shetter Ave in Jacksonville was recently sold for a total of $67,300,000. The sale, which took place on November 11, 2021, involved a total of 228 units. With a price per unit of $295,175, this transaction represents a significant investment in the Jacksonville market by the buyer, BR Beach House.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $67,300,000
- Address: 1300 Shetter Ave
- Market: Jacksonville
The seller in this transaction was Bluerock Value Exchange, with Jeffrey Schwaber acting as their representative. This deal showcases the confidence in the Jacksonville multifamily market, as it involves a substantial number of units and a high sale price. The buyer, BR Beach House, saw the potential in this asset and seized the opportunity to make a strategic investment.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,589,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$239,102.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$319,036.33
Annual Debt Service$3,828,436.02
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