Jeremy Bronfman Acquires Multifamily Property In West Palm Beach For $38M
SOLD
$38,000,000
Florida
See Similar DealsMultiFamily229,356 SF
Sold 09/01/2020
SOLD
Jeremy Bronfman Acquires Multifamily Property In West Palm Beach For $38M
750 Malibu Bay Dr, West Palm Beach, FL 33401, USA
See Similar DealsMultiFamily229,356 SF
Sold 09/01/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$165
Total Square Footage:229,356 SF
Transaction Type:Sale
The multifamily property located at 750 Malibu Bay Drive in West Palm Beach has recently been sold for $38,000,000. With a total of 264 units, this transaction values each unit at $143,939.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $38,000,000
- Address: 750 Malibu Bay Drive
- Market: West Palm Beach
- Units: 264
- Price Per Unit (PPU): $143,939
The seller in this deal was Matthew Rieger representing the Housing Trust Group, while the buyer was Jeremy Bronfman from Lincoln Avenue Capital.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$135,005.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$180,139.39
Annual Debt Service$2,161,672.64
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