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Topaz Capital Group Acquires Melbourne Multifamily Property For $33.75M

Property Image
SOLD
$33,750,000
Darron Kattan
Zachary (Zach) Ames
JW
+ 2

Florida

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MultiFamily177,313 SF
Sold 07/07/2022
the dealplayerscompscontact
Property Image
SOLD

Topaz Capital Group Acquires Melbourne Multifamily Property For $33.75M

1900 Post Road, Melbourne, Florida 32935, United States

See Similar Deals
MultiFamily177,313 SF
Sold 07/07/2022
Darron Kattan
Zachary (Zach) Ames
JW
+ 2
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$190
Total Square Footage:177,313 SF
Transaction Type:Sale

1900 Post Rd, a multifamily property located in Melbourne, was recently sold for $33,750,000. The transaction took place on July 7, 2022. The property consists of 200 units, with an average price per unit of $168,750. The total square footage of the property is 177,313, with a price per square foot of $190.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $33,750,000
  • Address: 1900 Post Rd
  • Market: Melbourne

The buyer of the property is Topaz Capital Group, represented by Marc A. Hershberg and Joseph E. Friedman. The seller, Wells Boys & Girls Management, was represented by Jeffrey Wells. The brokers involved in the deal were Darron Kattan and Zach Ames from Franklin Street.

Players

Darron Kattan
Franklin Street
Darron Kattan
15 deals$376M volume
BROKER
Zachary (Zach) Ames
Franklin Street
Zachary Ames
10 deals$316.1M volume
BROKER
MH
Marc A. Hershberg
3 deals$170M volume
BUYER
JF
Joseph E. Friedman
17 deals$279.3M volume
BUYER
JW
Jeffrey W. Wells
2 deals$57.3M volume
SELLER
JW
Jeffrey W. Wells
2 deals$57.3M volume
SELLER

Details

SOLD
IMAGE: Darron Kattan, Marc A. Hershberg, Joseph E. Friedman & Zach Ames DATE: 07/07/2022 ADDRESS: 1900 Post Rd MARKET: Melbourne ASSET TYPE: Multifamily BUYER: Topaz Capital Group (@topaz_capital) - Marc A. Hershberg (@MaHershberg) & Joseph E. Friedman SELLER: Wells Boys & Girls Management - Jeffrey Wells BROKERS: Darron Kattan & Zach Ames (@ZAmes0512) - Franklin Street (@FranklinStreet.CRE) SALE PRICE: $33,750,000 UNITS: 200 ~ PPU: $168,750 SF: 177,313 ~ PPSF: $190

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

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$119,906.62
Cash-on-Cash Return-1.27%
Monthly Debt Service$159,992.22
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