SOLD
Ashcroft Capital Acquires Advenir At Cocoplum Multifamily In Coconut Creek For $70.4M
4142 Cocoplum Circle
MultiFamily
417,805 SF
417,805 SF
Sold 250 days ago
Summary
Sale
FLORIDA
MultiFamily
417,805 sqft
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
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.View on map
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Address4142 Cocoplum Circle
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