Livingston Street Capital Acquires 175-Unit Multifamily Property In Ponte Vedra Beach For $56M
SOLD
$56,000,000
Florida
See Similar DealsMultiFamily9,882 SF
Sold 08/27/2021
SOLD
Livingston Street Capital Acquires 175-Unit Multifamily Property In Ponte Vedra Beach For $56M
50 Pine Shadow Pkwy, Ponte Vedra Beach, FL, USA
See Similar DealsMultiFamily9,882 SF
Sold 08/27/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$5,666
Total Square Footage:9,882 SF
Transaction Type:Sale
Located in Ponte Vedra Beach, the multifamily property at 50 Pine Shadow Parkway was recently sold. Spanning over an area of 5.02 acres, the property was acquired for a total purchase price of $11,155,378. The transaction was completed on August 27, 2021.
Summary of Transaction Details
- Property Type: Multifamily
- Address: 50 Pine Shadow Pkwy, Ponte Vedra Beach
- Market: Ponte Vedra Beach
- Acreage: 5.02
- Purchase Price: $11,155,378
The buyer of the property was Livingston Street Capital, while the seller was RangeWater Development LLC. Representing the parties involved in the deal were Erik Bjornson and Tyler Nilsson from Newmark Knight Frank.
The transaction was executed at a sale price of $56,000,000. The property consists of 175 units, with a per unit price of $320,000.
Players
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,986,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$198,956.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$265,468.57
Annual Debt Service$3,185,622.84
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