Pantzer Properties Acquires Multifamily Property In West Palm Beach For $78M
SOLD
$78,000,000
Florida
See Similar DealsRetail2,700 SF
Sold 05/09/2022
SOLD
Pantzer Properties Acquires Multifamily Property In West Palm Beach For $78M
1701 Clare Avenue, West Palm Beach, Florida 33401, United States
See Similar DealsRetail2,700 SF
Sold 05/09/2022
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$28,888
Total Square Footage:2,700 SF
Transaction Type:Sale
The multifamily property located at 1701 Clare Avenue in West Palm Beach has been sold for a total of $78,000,000. The property spans over 3.1 acres and consists of 178 units. The price per unit amounts to $438,202, and the total square footage of the property is 173,543, resulting in a price per square foot of $449. The transaction took place on 05/09/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $78,000,000
- Address: 1701 Clare Avenue, West Palm Beach
- Market: West Palm Beach
- Acres: 3.1
- Units: 178
- Price Per Unit: $438,202
- Total Square Footage: 173,543
- Price Per Square Foot: $449
The buyer of the property is Pantzer Properties represented by Jordan and Jason Pantzer. The seller is Eastwind Development. Truist Bank provided the financing for this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,159,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$277,117.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$369,759.79
Annual Debt Service$4,437,117.52
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