Updated Dec 4, 2024
JSB Capital Group And Johnston Group Acquire Cannonsport Apartments In Palm Beach Shores For $58.5M
176 Lake Drive
$58,500,000
Units
36
Asset Type
MultiFamily
Closing
Oct 31, 2023
About this deal
AI
The 36-unit Cannonsport Apartments in Palm Beach Shores, Florida, has been sold for a total of $58.5 million. The property includes a 54-slip marina, adding to its appeal.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $58,500,000
- Units: 36
- Price Per Unit: $1,625,000
- Address: 176 Lake Drive, Palm Beach Shores
- Market: Palm Beach Shores
The buyer of the Cannonsport Apartments is JSB Capital Group, represented by Jared Frydman, along with Johnston Group, represented by Ryan Johnston. The seller is Nationwide Realty Investors, represented by Brian J. Ellis. This transaction showcases the involvement of key individuals and companies in the deal.
Players
Palm Beach Shores 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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93