Cortland Acquires Delray Beach Multifamily Property For $73.9M
1720 Depot Ave, Delray Beach, FL 33444, USA
$73,900,000
$55,563/SF
Building Size
1,330 SF
Asset Type
MultiFamily
Closing
Aug 2, 2020
AI
A multifamily property located at 1720 Depot Avenue in Delray Beach has been sold for a price of $73,900,000. The property consists of 284 units, resulting in a per unit price of $260,211.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $73,900,000
- Address: 1720 Depot Avenue, Delray Beach
- Market: Delray Beach
- Seller: Wood Partners
- Buyer: Cortland
- Brokers: Avery Klann, Hampton Beebe, Tyler Minix, & Jonathan Senn – Newmark Knight Frank
The sale was facilitated by brokers Avery Klann, Hampton Beebe, Tyler Minix, and Jonathan Senn from Newmark Knight Frank. Cortland acquired the property from Wood Partners. The transaction involved a total of 284 units with a per unit price of $260,211.
Players
Delray Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93