Cortland Acquires Multifamily Property In Boca Raton For $230M
SOLD
$230,000,000
+ 2
Florida
See Similar DealsMultiFamily1,737 SF
Sold
SOLD
Cortland Acquires Multifamily Property In Boca Raton For $230M
20940 uptown avenue, Boca Raton, FL, USA
See Similar DealsMultiFamily1,737 SF
Sold
+ 2
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$132,412
Total Square Footage:1,737 SF
Transaction Type:Sale
A multifamily property located at 20940 Uptown Ave in Boca Raton was recently sold for a staggering price of $230,000,000. The property consists of 456 units, resulting in a per unit price of $504,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $230,000,000
- Address: 20940 Uptown Ave, Boca Raton
- Market: Boca Raton
The buyer of this property was Cortland, represented by Steven DeFrancis. On the other hand, the seller was comprised of multiple entities including Giles Capital Group represented by Rick Giles, Rosemurgy Properties represented by Alexander Rosemurgy, Schmier Property Group, and Wheelock Street Capital.
The sale was facilitated by a team of brokers from Cushman & Wakefield, namely Robert Given, Troy Ballard, Neal Victor, and Zach Sackley.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$12,266,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$817,141.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,090,317.34
Annual Debt Service$13,083,808.09
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