Updated Dec 2, 2024
Harbor Group International Acquires Locklyn West Palm Apartment Complex For $105.5M
3950 Village Blvd West Palm Beach, Fl 33407, Usa
$105,500,000
Units
280
Asset Type
MultiFamily
Closing
Jun 22, 2023
About this deal
AI
Harbor Group International LLC, represented by Yisroel Berg, has acquired Locklyn West Palm, a multifamily property located at 3950 Village Boulevard in West Palm Beach. The property, sold by The Carlyle Group, was purchased for a total of $105,500,000. Locklyn West Palm offers 280 units and is currently 95% occupied, with competitive rent levels that meet the demand for modern apartment housing in South Florida.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $105,500,000
- Address: 3950 Village Boulevard
- Market: West Palm Beach
The transaction was facilitated by brokers Avery Klann and Hampton Beebe from Newmark. The lending for this acquisition was provided by Berkeley Point Capital. The mortgage brokerage services were offered by Henry Stimler, Bill Weber, Matt Mense, and Dan Sarsfield, also from Newmark.
On the Map
$105,500,000
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93