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Jeff Blau And Bruce Beal Of Related Cos Acquire 292-Unit Aura Delray Beach From Brian J. Tusa For $116.85M
SOLD
$116,850,000
Florida
See Similar DealsMultiFamily323,319 SF
Sold 08/26/2025
SOLD
Jeff Blau And Bruce Beal Of Related Cos Acquire 292-Unit Aura Delray Beach From Brian J. Tusa For $116.85M
2087 West Atlantic Avenue
See Similar DealsMultiFamily323,319 SF
Sold 08/26/2025
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$361
Total Square Footage:323,319 SF
Transaction Type:Sale
The transaction involved the sale of a multi-family asset located at 2087 West Atlantic Avenue in Delray Beach, encompassing 11.64 acres. The sale price for the property was $116,850,000, with a total of 292 units. The property features a square footage of 323,319 and a price per square foot of $361, along with a price per unit of $400,171.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $116,850,000
- Buyer: Jeff Blau & Bruce Beal - Related Cos
- Seller: Brian J. Tusa - Trinsic Residential Group
- Lender: Berkadia
- Units: 292
- Acres: 11.64
- Square Footage: 323,319
- Price Per Unit: $400,171
- Price Per Square Foot: $361
The deal saw Jeff Blau and Bruce Beal from Related Cos acquire the 292-unit Aura Delray Beach apartments from seller Brian J. Tusa of Trinsic Residential Group. Berkadia facilitated the financing of the transaction with a loan amount of $59.06 million, which was later assigned to Freddie Mac.
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LENDER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,232,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$415,143.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$553,928.61
Annual Debt Service$6,647,143.37
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