Zoe, Gary & Susan Burchard Acquire Boynton Beach Multifamily For $71M
SOLD
$71,000,000
Florida
See Similar DealsMultiFamily193,075 SF
Sold 09/16/2022
SOLD
Zoe, Gary & Susan Burchard Acquire Boynton Beach Multifamily For $71M
3609 High Ridge Road, Boynton Beach, Florida 33426, United States
See Similar DealsMultiFamily193,075 SF
Sold 09/16/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$367
Total Square Footage:193,075 SF
Transaction Type:Sale
3609 High Ridge Way in Boynton Beach has been sold for $71,000,000. This multifamily property consists of 184 units, with an average price per unit of $385,870. The transaction was completed on September 16, 2022. The buyer, Zoe, Gary & Susan Burchard, acquired the property from the seller, American Landmark - Joe Lubeck.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $71,000,000
- Units: 184
- Price Per Unit: $385,870
- Buyer: Zoe, Gary & Susan Burchard
- Seller: American Landmark - Joe Lubeck
Joe Lubeck, representing American Landmark, facilitated the sale of this property to Zoe, Gary & Susan Burchard. The transaction took place in the Boynton Beach market. This sale marks a significant deal in the multifamily real estate sector.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,786,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$252,248.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$336,576.22
Annual Debt Service$4,038,914.67
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