Guy Depalo Acquires Multifamily Property In Vero Beach From Thomas Catalano For $5,282,500

The asset involved in this transaction is a multifamily property located at 1825 40th Avenue in Vero Beach. The sale price of the property was $5,282,500 for a total of 36 units, which amounts to a price per unit of $146,736. The total square footage of the property is 26,520, equating to a price per square foot of $199.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $5,282,500
• Units: 36
• Price Per Unit: $146,736
• Square Footage: 26,520
• Price Per Square Foot: $199
• Buyer: Guy Depalo
• Seller: Thomas Catalano
• Brokers: Daniel J. Cunningham, Dillon Majeski, River Rhoads, Cory Sanchez & Evan Richardson - Marcus & Millichap

The transaction involved unique financing details as the sellers provided 75% loan-to-value seller financing to the buyer. This strategy was mentioned by River Rhoads, the lead agent on the deal, as a method to maximize the sale price, highlighting the benefits of seller financing in a volatile interest rate environment.