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Bainbridge Companies Acquires Multifamily Property In Coconut Creek For $69M

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SOLD
$69,000,000

Florida

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SOLD

Bainbridge Companies Acquires Multifamily Property In Coconut Creek For $69M

5401 Wiles Road, Coconut Creek, Florida 33073, United States

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MultiFamily
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

Located in Coconut Creek, the multifamily property at 5401 Wiles Road recently changed hands in a closed transaction. The sale, facilitated by David Gilbert & Richard Schechter, took place on December 23, 2022. Spanning across 15 acres, the property offers a prime location in the Coconut Creek market.

Summary of transaction details

  • Property Type: Multifamily
  • Sale Price: $69,000,000
  • Number of Units: 270
  • Price per Unit: $255,556
  • Buyer: Bainbridge Companies - Richard Schechter
  • Seller: Clarion Partners - David Gilbert
  • Lender: Northwest Mutual Life Insurance Company

The buyer, Bainbridge Companies, was represented by Richard Schechter, while the seller, Clarion Partners, was represented by David Gilbert. The lender involved in the transaction was Northwest Mutual Life Insurance Company.

Players

BC
Bainbridge Companies
BUYER
David Gilbert
Clarion Partners
David Gilbert
28 deals$1.9B volume
SELLER
Clarion Partners
Clarion Partners
LENDER

Details

SOLD
IMAGE: David Gilbert & Richard Schechter DATE: 12/23/2022 ADDRESS: 5401 Wiles Road MARKET: Coconut Creek ASSET TYPE: Multifamily ~ ACRES: 15 BUYER: Bainbridge Companies (@BainbridgeCompanies) - Richard Schechter SELLER: Clarion Partners - David Gilbert LENDER: Northwest Mutual Life Insurance Company (@NorthwesternMutual) SALE PRICE: $69,000,000 UNITS: 270 ~ PPU: $255,556

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

$3,679,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$245,142.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$327,095.20
Annual Debt Service$3,925,142.43