Brookline Investment Group Acquires Multifamily Property In St. Augustine For $77M
Brisa Luxury Apartments St. Augustine, 40 Brisa Avenue, St. Augustine, FL, USA
$77,000,000
$79/SF
Building Size
963,111 SF
Asset Type
MultiFamily
Closing
Nov 1, 2021
AI
Located at 40 Brisa Ave in St. Augustine, this multifamily property spans across 22.11 acres. The property was recently sold for a transaction amount of $77,000,000 to the Brookline Investment Group. The seller, Brisa Residences LLC, completed the deal.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $77,000,000
- Address: 40 Brisa Ave
- Market: St. Augustine
- Buyer: Brookline Investment Group - Michael Narlinger
- Seller: Brisa Residences LLC
- Acres: 22.11
The Brookline Investment Group, represented by Michael Narlinger, secured the purchase of this 256-unit property at a price per unit of $300,781. This successful transaction highlights the strong demand for multifamily properties in the St. Augustine market.
Saint Augustine 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93