Harbor Group International Acquires Multifamily Property In Boca Raton For $81M
SOLD
$81,000,000
Florida
See Similar DealsMultiFamily350,010 SF
Sold 03/30/2021
SOLD
Harbor Group International Acquires Multifamily Property In Boca Raton For $81M
300 West Palmetto Park Road, Boca Raton, FL, USA
See Similar DealsMultiFamily350,010 SF
Sold 03/30/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$231
Total Square Footage:350,010 SF
Transaction Type:Sale
A multifamily property located at 300 West Palmetto Park Road in Boca Raton has been sold for a price of $81,000,000. The property spans 350,010 square feet, resulting in a price per square foot of $231. Situated on 8.3 acres of land, the property has a price per acre value of $9,759,036. The transaction involved the sale of 248 units, with an average price per unit of $326,613.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $81,000,000
- Address: 300 West Palmetto Park Road, Boca Raton
- Market: Boca Raton
The buyer in this transaction was Harbor Group International, represented by Jordan Slone and T. Richard Litton Jr. On the other hand, the seller of the property was PGIM Real Estate, represented by Eric Adler.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,320,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$287,775.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$383,981.32
Annual Debt Service$4,607,775.89
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