Benjamin Schall Of AvalonBay Communities Acquires Solaire At Coconut Creek For $98.28M
5401 Wiles Road
$98,280,000
$310/SF
Building Size
316,222 SF
Asset Type
MultiFamily
Closing
Aug 15, 2025
AI
The asset involved in this closed transaction is a multifamily complex located at 5401-5409 Wiles Road in Coconut Creek. The property, known as Avalon Coconut Creek, consists of 270 units with a total square footage of 316,222. The sale price for the asset was $98,280,000, reflecting a per unit price of $364,000 and a price per square foot of $311. The complex was built in 2013 and was previously sold for $69 million in 2022.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $98,280,000
- Units: 270
- Price Per Unit: $364,000
- Square Footage: 316,222
- Price Per Square Foot: $311
- Buyer: Benjamin Schall - AvalonBay Communities
- Seller: Richard Schechter - Bainbridge Cos; Rockwood Capital
- Date of Sale: 08/15/2025
Benjamin Schall from AvalonBay Communities acted as the buyer in this transaction. The sellers included Richard Schechter from Bainbridge Cos and Rockwood Capital, indicating a partnership in the ownership of the property prior to the sale. The complex was renamed as part of the rebranding following the acquisition.
Players
Coconut Creek MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93