Pantzer Properties Acquires Multifamily Property In West Palm Beach For $78M
1701 Clare Avenue, West Palm Beach, Florida 33401, United States
$78,000,000
$28,888/SF
Building Size
2,700 SF
Asset Type
Retail
Closing
May 8, 2022
AI
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.
Players
West Palm Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93