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Ashcroft Capital Acquires Advenir At Cocoplum Multifamily In Coconut Creek For $70.4M

Property Image
SOLD
$70,400,000
FR
DV

Florida

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MultiFamily417,805 SF
Sold 09/12/2023
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Property Image
SOLD

Ashcroft Capital Acquires Advenir At Cocoplum Multifamily In Coconut Creek For $70.4M

4142 Cocoplum Circle

See Similar Deals
MultiFamily417,805 SF
Sold 09/12/2023
FR
DV
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$168
Total Square Footage:417,805 SF
Transaction Type:Sale

The Advenir at Cocoplum rental complex in Coconut Creek, Florida has been sold to Ashcroft Capital for a total price of $70.4 million. The property, located at 4142 Cocoplum Circle, is a multifamily asset spanning 31 acres. The transaction was facilitated by Frank Roessler and Ben Nelson of Ashcroft Capital, representing the buyer, and David Vecchitto of Advenir, representing the seller.

Summary of transaction details

  • Property Type: Multifamily
  • Sale Price: $70,400,000
  • Address: 4142 Cocoplum Circle
  • Market: Coconut Creek
  • Acres: 31

The acquisition of the Advenir at Cocoplum rental complex was financed through a mortgage of $62.24 million provided by Newmark. Ashcroft Capital plans to implement renovations and increase rental rates as part of their value-add strategy. The company intends to sell the property within the next five to seven years, capitalizing on the improved rental rates and enhancements made to the complex.

Players

FR
Frank Roessler
4 deals$136.9M volume
BUYER
AC
Ashcroft Capital
BUYER
DV
David Vecchitto
6 deals$399.7M volume
SELLER
Newmark Knight Frank (Berkeley Point Capital)
Newmark Knight Frank (Berkeley Point Capital)
LENDER

Details

SOLD
IMAGE: Frank Roessler, David Vecchitto & Ben Nelson DATE: 09/12/2023 ADDRESS: 4142 Cocoplum Circle MARKET: Coconut Creek ASSET TYPE: Multifamily ~ ACRES: 31 BUYER: Ashcroft Capital (@ashcroftcapital) - Frank Roessler & Ben Nelson SELLER: Advenir (@advenirliving) - David Vecchitto LENDER: Newmark (@Newmark) SALE PRICE: $70,400,000 UNITS: 360 ~ PPU: $195,556 SF: 417,805 ~ PPSF: $168 NOTE: Ashcroft Capital purchased the Advenir at Cocoplum rental complex in Coconut Creek, Florida, for $70.4 million with a $62.24 million mortgage from Newmark. They plan to renovate and increase rental rates before selling it within the next five to seven years as part of their value-add strategy.

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