Updated Nov 27, 2024
Blackstone Acquires Multifamily Property In Coconut Creek For $31.2M
3597 Wiles Road, Coconut Creek, Florida 33073, United States
$31,230,000
$102/SF
Building Size
306,027 SF
Asset Type
MultiFamily
Closing
Jan 13, 2022
About this deal
AI
The recently closed property transaction in Coconut Creek involved a multifamily asset located at 3597 Wiles Road. The property spans across approximately 20.3 acres in this market. The transaction took place on January 13, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $31,230,000
- Address: 3597 Wiles Road
- Market: Coconut Creek
- Acres: 20.3
The buyer in this transaction was Blackstone, represented by Stephen Schwarzman. On the other side, the seller was the Cornerstone Group.
The property was sold for a total price of $31,230,000. It consists of 300 units, with an average price per unit of $104,100. The total square footage of the property is approximately 310,750, resulting in a price per square foot of $100.
Players
Coconut Creek MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93