The ConAm Group Acquires Melbourne Multifamily For $60 Million
SOLD
$60,000,000
Florida
See Similar DealsMultiFamily865 SF
Sold 04/06/2021
SOLD
The ConAm Group Acquires Melbourne Multifamily For $60 Million
2185 Judge Fran Jamieson Way, Melbourne, FL, USA
See Similar DealsMultiFamily865 SF
Sold 04/06/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$69,364
Total Square Footage:865 SF
Transaction Type:Sale
The ConAm Group has acquired a multifamily property located at 2185 Judge Fran Jamieson Way in Melbourne. The transaction, which took place on April 6, 2021, involved the purchase of a property consisting of 240 units. The property was sold by JMG Realty Inc., represented by Karlton Jackson and Tim Brock.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Address: 2185 Judge Fran Jamieson Way, Melbourne
- Market: Melbourne
The sale was facilitated by brokers Jay Ballard and Ken DelVillar from JLL Capital Markets. They played a crucial role in connecting the buyer and the seller and ensuring the successful completion of the transaction. The purchase price amounted to $60,000,000, with a per unit price of $250,000.
With this acquisition, The ConAm Group has expanded its portfolio and solidified its presence in the Melbourne real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,199,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$213,167.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$284,430.61
Annual Debt Service$3,413,167.33
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