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Shane Hillsley Acquires Multifamily Property In Palm Bay, FL For $29.3M

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SOLD
$29,325,000
Sean Williams
Alec Demetriou
+ 7

Florida

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MultiFamily166,729 SF
Sold 12/22/2021
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Property Image
SOLD

Shane Hillsley Acquires Multifamily Property In Palm Bay, FL For $29.3M

1880 Mogra Circle Northeast, Palm Bay, FL 32905

See Similar Deals
MultiFamily166,729 SF
Sold 12/22/2021
Sean Williams
Alec Demetriou
+ 7
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$175
Total Square Footage:166,729 SF
Transaction Type:Sale

Located at 1880 Mogra Cir NE in Palm Bay, FL, this multifamily property was sold on December 22, 2021. The property features a total of 160 units with a sale price of $29,325,000, resulting in a per unit price of $183,281. The total square footage of the property is 166,729, making the price per square foot $176.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $29,325,000
  • Address: 1880 Mogra Cir NE, Palm Bay, FL
  • Market: Palm Bary, FL
  • Units: 160
  • Price per Unit (PPU): $183,281
  • Square Footage (SF): 166,729
  • Price per Square Foot (PPSF): $176

The buyer in this transaction was Shane Hillsley, while the seller was Dilip Barot. The deal was facilitated by a team of brokers from Marcus & Millichap, including Luke Wickham, Adam G. Duncan, Joseph P. Thomas, Shelton Granade, Justin Basquill, Sean Williams, Alec Demetriou, AJ Stanford, and Marisol Hernandez.

Players

AJ Stanford
11 deals$103M volume(954) 245-3503
BROKER

Justin Basquill
Marcus & Millichap
18 deals$834.9M volume(407) 754-8014
BROKER

Luke Wickham
Marcus & Millichap
15 deals$809.8M volume
BROKER

Shelton Granade
Marcus & Millichap
22 deals$1.3B volume
BROKER

Adam Duncan
Marcus & Millichap
26 deals$170.8M volume
BROKER

Joseph Thomas
Marcus & Millichap
53 deals$372.9M volume
BROKER

Alec Demetriou
Marcus & Millichap
27 deals$219.6M volume
BROKER

Sean Williams
Institutional Property Advisors
8 deals$518.2M volume
BROKER

Marisol Hernandez
Marcus & Millichap
6 deals$62.9M volume
BROKER

Details

SOLD
IMAGE: Adam Duncan, Sean Williams, Joseph P. Thomas, Justin Basquill, Shelton Granade & Luke Wickham DATE: 12/22/2021 ADDRESS: 1880 Mogra Cir NE MARKET: Palm Bay, FL ASSET TYPE: Multifamily BUYER: Shane Hillsley SELLER: Dilip Barot BROKERS: Luke Wickham, Adam G. Duncan, Joseph P. Thomas, Shelton Granade, Justin Basquill, Sean Williams, Alec Demetriou, AJ Stanford & Marisol Hernandez - Marcus & Millichap SALE PRICE: $29,325,000 UNITS: 160 ~ PPU: $183,281 SF: 166,729 ~ PPSF: $176

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,564,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$104,185.52
Cash-on-Cash Return-1.27%
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