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Edward J. DeBartolo, Jr. Of DeBartolo Holdings Acquires Eight Winds Apartments In St. Augustine For $59M

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SOLD
$59,000,000

Florida

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MultiFamily
Sold 02/26/2025
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SOLD

Edward J. DeBartolo, Jr. Of DeBartolo Holdings Acquires Eight Winds Apartments In St. Augustine For $59M

50 Wexford Way

See Similar Deals
MultiFamily
Sold 02/26/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involved the sale of a multifamily asset located at 50 Wexford Way, St. Augustine. The property consists of 280 units, and the sale was executed for a total price of $59,000,000. A mortgage for $55,000,000 was secured from Goldman Sachs to facilitate the purchase. The residential complex includes seven four-story buildings, completed in 2024, and features amenities such as a clubhouse, pool, gym, and EV charging stations.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $59,000,000
  • Buyer: Edward J. DeBartolo, Jr. - DeBartolo Holdings
  • Seller: Frank Guerra - Altis Cardinal
  • Lender: Goldman Sachs
  • Units: 280
  • Price Per Unit: $210,714

Edward J. DeBartolo, Jr. represented DeBartolo Holdings in this transaction, while Frank Guerra represented Altis Cardinal. The deal was notable for its value and the involvement of Goldman Sachs as a key financial partner.

Players

AC
Altis Cardinal
SELLER
Goldman Sachs
Goldman Sachs
LENDER

Details

SOLD
IMAGE: Frank Guerra & Edward J. DeBartolo, Jr. DATE: 02/26/2025 ADDRESS: 50 Wexford Way MARKET: St. Augustine ASSET TYPE: Multifamily BUYER: Edward J. DeBartolo, Jr. - DeBartolo Holdings SELLER: Frank Guerra - Altis Cardinal LENDER: Goldman Sachs (@GoldmanSachs) SALE PRICE: $59,000,000 UNITS: 280 ~ PPU: $210,714 NOTE: DeBartolo Holdings bought the 280-unit Eight Winds apartments in St. Augustine for $59M from Altis Cardinal, with a $55M mortgage from Goldman Sachs. The complex, completed in 2024, features seven four-story buildings, a clubhouse, and amenities including a pool, gym, and EV charging stations.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,146,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$209,614.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$279,690.10
Annual Debt Service$3,356,281.20