Jeremy Bronfman Acquires Multifamily Property In West Palm Beach For $38M
750 Malibu Bay Dr, West Palm Beach, FL 33401, USA
$38,000,000
$165/SF
Building Size
229,356 SF
Asset Type
MultiFamily
Closing
Aug 31, 2020
AI
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.
West Palm Beach 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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93