Home Property LLC Acquires Palm Beach Single Family For $18M
569 Island Dr, Palm Beach, Fl 33480
$18,000,000
$3,333/SF
Building Size
5,400 SF
Asset Type
Single Family Residence
Closing
May 24, 2023
AI
Bruce Beal, an executive at Related Companies, sold his Palm Beach home located at 569 Island Drive for $18 million in a private sale. The property, which sits on 0.4 acres, was originally acquired by Beal for $9.4 million in 2013. The single-family home spans 5,400 square feet and was purchased by an undisclosed buyer.
Summary of transaction details
- Property Type: Single Family
- Transaction Amount: $18,000,000
- Market: Palm Beach
- Address: 569 Island Drive
- Buyer: Home Property LLC
- Seller: Bruce Beal & Mark P. Biondi - Related Beal ; Francis V. Cunningham
- Acres: 0.4
- Square Footage: 5,400
This high-profile real estate transaction took place amidst a flurry of activity in the Palm Beach area. The sale of Beal's home demonstrates the strength of the luxury housing market in the region. The buyer, Home Property LLC, remains undisclosed, adding an air of mystery to the deal.
Players
Miami Single Family Residence Market Snapshot
Boundary boundary · Single Family Residence · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93