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Berkshire Residential Investments Acquires 21.9 Acre Multifamily Property In Jupiter For $202.5M

Property Image
SOLD
$202,500,000
DO
MT

Florida

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MultiFamily
Sold 04/07/2022
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Property Image
SOLD

Berkshire Residential Investments Acquires 21.9 Acre Multifamily Property In Jupiter For $202.5M

863 University Boulevard, Jupiter, Florida 33458, United States

See Similar Deals
MultiFamily
Sold 04/07/2022
DO
MT
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily property located at 863 University Boulevard in Jupiter has been sold. The property covers an area of approximately 21.9 acres.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $202,500,000
  • Date: 04/07/2022
  • Market: Jupiter
  • Units: 390
  • Price per Unit: $519,231
  • Buyer: Berkshire Residential Investments - David Olney
  • Seller: Heitman - Maury Tognarelli

The buyer of the property is Berkshire Residential Investments, represented by David Olney. The seller is Heitman, represented by Maury Tognarelli.

Players

DO
Berkshire Residential Investments
David Olney
5 deals$484.8M volume
BUYER
MT
Maury Tognarelli
8 deals$360M volume
SELLER
Berkshire Residential Investments
Berkshire Residential Investments
LENDER

Details

SOLD
IMAGE: David Olney & Maury Tognarelli DATE: 04/07/2022 ADDRESS: 863 University Boulevard MARKET: Jupiter ASSET TYPE: Multifamily ~ ACRES: 21.9 BUYER: Berkshire Residential Investments (@BerkshireResi) - David Olney (@Olney.David_Mbd) SELLER: Heitman - Maury Tognarelli SALE PRICE: $202,500,000 UNITS: 390 ~ PPU: $519,231

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

$10,800,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$719,439.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$959,953.31
Annual Debt Service$11,519,439.73