Sterling Equities Acquires Multifamily Asset In Pompano Beach For $95.3M
SOLD
$95,300,000
+ 1
Florida
See Similar DealsMultiFamily7,481,841 SF
Sold 12/11/2020
SOLD
Sterling Equities Acquires Multifamily Asset In Pompano Beach For $95.3M
1333 South Ocean Boulevard, Pompano Beach, FL, USA
See Similar DealsMultiFamily7,481,841 SF
Sold 12/11/2020
+ 1
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$12
Total Square Footage:7,481,841 SF
Transaction Type:Sale
Sterling Equities, led by Fred Wilpon, has acquired a multifamily property located at 1333 South Ocean Boulevard in Pompano Beach. The property, consisting of 211 units, was sold for a total price of $95,300,000, resulting in a per unit price of approximately $451,659.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $95,300,000
- Address: 1333 South Ocean Boulevard
- Market: Pompano Beach
The sale was facilitated by The Carlyle Group, represented by Kewsong Lee, and Merrimac Ventures, represented by Dev Motwani. Alliance Residential, represented by Bruce Ward, was also involved in the transaction as the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,082,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$338,580.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$451,770.62
Annual Debt Service$5,421,247.44
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