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American Landmark Acquires Multifamily Property In Plantation From Carroll - M. Patrick Carroll For $58M

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SOLD
$58,000,000

Florida

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MultiFamily262,844 SF
Sold 04/14/2021
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Property Image
SOLD

American Landmark Acquires Multifamily Property In Plantation From Carroll - M. Patrick Carroll For $58M

3880 West Broward Boulevard, Fort Lauderdale, FL, USA

See Similar Deals
MultiFamily262,844 SF
Sold 04/14/2021
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$220
Total Square Footage:262,844 SF
Transaction Type:Sale

The multifamily property located at 3880-3960 West Broward Boulevard in Plantation has been sold. The transaction took place on April 14, 2021. The property, spanning approximately 262,844 square feet, consists of 223 units. The sale price of the property was $58,000,000, resulting in a price per unit of $260,090. The price per square foot was $221. The property sits on 10.8 acres, with a price per acre of $5,370,370.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $58,000,000
  • Address: 3880-3960 West Broward Boulevard, Plantation
  • Market: Plantation
  • Units: 223
  • Price per Unit: $260,090
  • Square Footage: 262,844
  • Price per Square Foot: $221
  • Acres: 10.8
  • Price per Acre: $5,370,370

American Landmark, represented by Joe Lubeck, acquired the property from Carroll, represented by M. Patrick Carroll. The deal was conducted by these key individuals and companies involved in the transaction.

Players

11 deals$563M volume
BUYER

American Landmark Apartments
BUYER

M. Patrick Carroll
5 deals$326.5M volume
SELLER

Details

SOLD
IMAGE: Joe Lubeck & Patrick Carroll DATE: 04/14/2021 ADDRESS: 3880-3960 West Broward Boulevard MARKET: Plantation ASSET TYPE: Multifamily BUYER: American Landmark - Joe Lubeck SELLER: Carroll - M. Patrick Carroll PRICE: $58,000,000 UNITS: 223 ~ PPU: $260,090 SF: 262,844 ~ PPSF: $221 ACRES: 10.8 ~ PPA: $5,370,370

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,093,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$206,061.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$274,949.59
Annual Debt Service$3,299,395.08