Brookline Investment Group Acquires Multifamily Property In St. Augustine For $77M
SOLD
$77,000,000
Florida
See Similar DealsMultiFamily963,111 SF
Sold 11/02/2021
SOLD
Brookline Investment Group Acquires Multifamily Property In St. Augustine For $77M
Brisa Luxury Apartments St. Augustine, 40 Brisa Avenue, St. Augustine, FL, USA
See Similar DealsMultiFamily963,111 SF
Sold 11/02/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$79
Total Square Footage:963,111 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$273,564.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$365,019.28
Annual Debt Service$4,380,231.40
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