Updated Oct 29, 2024
Cortland Partners Acquires Delray Beach Multifamily For $73.9M
203 Depot Ave, Delray Beach, FL 33444, USA
$73,900,000
$1,159/SF
Building Size
63,756 SF
Asset Type
MultiFamily
Closing
Jul 29, 2020
About this deal
AI
Wood Partners has sold a multifamily property located at 203 Depot Avenue in Delray Beach for a total price of $73,900,000. The property consists of 284 units, with an average price per unit of $260,211.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $73,900,000
- Units: 284
- Price Per Unit: $260,211
- Seller: Wood Partners
- Buyer: Steven DeFrancis – Cortland Partners
Steven DeFrancis, representing Cortland Partners, was the buyer in this transaction. The deal was finalized on July 30, 2020.
The multifamily sale at 203 Depot Ave, Delray Beach, FL 33444, USA in Delray Beach, Florida sold for $73.9M in 2020. Reported inventory is 63,756 square feet across 284 units, or about 1.2K per square foot. This page is the Delray Beach, Florida file for the 203 Depot Ave, Delray Beach, FL 33444, USA multifamily sold: pricing, party profiles, and other closed multifamily comps from the same Delray Beach sit in the Market section below. Filter that Delray Beach multifamily set by closing date to see what else sold near 203 Depot Ave, Delray Beach, FL 33444, USA around 2020. Published consideration for 203 Depot Ave, Delray Beach, FL 33444, USA is $73.9M, dated 2020. Cite this Cortland Partners Acquires Delray Beach Multifamily For $73.9M sale when underwriting similar multifamily product around Delray Beach, Florida.
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Delray Beach MultiFamily Market Snapshot
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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