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FCP, Springer Capital Acquire Water's Edge Apartments In Jacksonville For $33.25M

Property Image
SOLD
$33,250,000
Greg Rainey
PV

Florida

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MultiFamily
Sold 07/19/2023
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Property Image
SOLD

FCP, Springer Capital Acquire Water's Edge Apartments In Jacksonville For $33.25M

800 Broward Rd Jacksonville, FL 32218, USA

See Similar Deals
MultiFamily
Sold 07/19/2023
Greg Rainey
PV
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

FCP, in collaboration with Springer Capital, has purchased Water's Edge Apartments in Jacksonville, Florida for $33.25 million. The property is a multifamily asset consisting of 404 units, with an average price per unit of $82,302. Located at 800 Broward Road, the property is situated in the Jacksonville market.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $33,250,000
  • Units: 404
  • Average Price Per Unit: $82,302
  • Address: 800 Broward Road, Jacksonville
  • Market: Jacksonville

Greg Rainey and Paul Vetter from Berkadia represented the buyer, FCP - Bruce Gago, and Springer Capital in this transaction. This marks FCP's second investment in Jacksonville. The acquisition of Water's Edge Apartments represents an opportunity for FCP to make significant improvements to the property.

Players

Greg Rainey
Cushman & Wakefield
Greg Rainey
8 deals$253.2M volume
BROKER
PV
Berkadia
Paul Vetter
1 deal$33.3M volume
BROKER
FCP
FCP
BUYER

Details

SOLD
IMAGE: Greg Rainey, Bruce Gago & Paul Vetter DATE: 07/19/2023 ADDRESS: 800 Broward Road MARKET: Jacksonville ASSET TYPE: Multifamily BUYER: FCP - Bruce Gago; Springer Capital BROKERS: Greg Rainey & Paul Vetter - Berkadia (@Berkadia) SALE PRICE: $33,250,000 UNITS: 404 ~ PPU: $82,302 NOTE: FCP, in collaboration with Springer Capital, has purchased Water's Edge Apartments in Jacksonville, Florida for $33.25 million. The acquisition marks FCP's second investment in Jacksonville and includes plans for significant improvements to the property.

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

$1,773,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$118,130.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$157,621.96
Annual Debt Service$1,891,463.56