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1720 Depot Ave, Delray Beac...

Cortland Acquires Delray Beach Multifamily Property For $73.9M
SOLDMultiFamily

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

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

Hampton Beebe

Newmark

Broker

$1.2B

vol

19 deals

Broker
Cortland
CortlandBuyer
Wood Partners
Wood PartnersSeller

Delray Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

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