FrontRange Capital Partners Acquires 185-Unit Multifamily Property In Jacksonville For $57.7M
SOLD
$57,700,000
Florida
See Similar DealsMultiFamily
SOLD
FrontRange Capital Partners Acquires 185-Unit Multifamily Property In Jacksonville For $57.7M
959 Prudential Dr, Jacksonville, Florida 32207, United States
See Similar DealsMultiFamily
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 959 Prudential Drive in Jacksonville was sold in a recent transaction. The property spans 2.5 acres and features 185 units. The sale took place on October 21, 2022, with a sale price of $57,700,000, resulting in a price per unit of $311,892. The transaction involved the buyer, FrontRange Capital Partners, and the seller, Ventures Development Group.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $57,700,000
- Location: 959 Prudential Drive, Jacksonville
- Market: Jacksonville
- Acres: 2.5
Representing the buyer, FrontRange Capital Partners, were brokers Cliff Taylor and Joe Ayers from CBRE Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,077,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$204,995.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$273,527.44
Annual Debt Service$3,282,329.25
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