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Tomas Cabrerizo Of Legacy Residential Group Acquires Banyan Bay Apartments From William Huffman For $77M
SOLD
$77,000,000
Florida
See Similar DealsMultiFamily
Sold 09/19/2025
SOLD
Tomas Cabrerizo Of Legacy Residential Group Acquires Banyan Bay Apartments From William Huffman For $77M
4303 West Atlantic Boulevard
See Similar DealsMultiFamily
Sold 09/19/2025
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The property asset involved in this transaction is a multifamily complex located at 4303 West Atlantic Boulevard in Coconut Creek. The sale includes 416 units on a 25.6-acre site, and the total sale price was $77,000,000, equating to a price per unit of $185,096. The property, originally built in 1985, has been renamed Legacy at Coconut Creek.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $77,000,000
- Units: 416
- Price Per Unit: $185,096
- Acres: 25.6
- Buyer: Tomas Cabrerizo - Legacy Residential Group
- Seller: William Huffman - Nuveen Real Estate
- Lender: Truist Bank
This transaction was facilitated by Tomas Cabrerizo, representing Legacy Residential Group as the buyer, and William Huffman, who represented Nuveen Real Estate as the seller. The acquisition was supported by a loan of $64.4 million from Truist Bank.
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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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