Justin Gmelich Of Millennium Management Acquires Single Family Home In Highland Beach For $28.5M
2367 South Ocean Boulevard
$28,500,000
$2,294/SF
Building Size
12,421 SF
Asset Type
Single Family
Closing
Mar 14, 2025
AI
The asset involved in the transaction is a single-family home located at 2367 South Ocean Boulevard in Highland Beach. The property was sold for $28,500,000.00 and encompasses a total area of 12,421 square feet.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $28,500,000.00
- Address: 2367 South Ocean Boulevard
- Market: Highland Beach
- Square Footage: 12,421.0
- Buyer: Justin Gmelich - Millennium Management
- Seller: Aogán O hAoláin - Bos Property LLC
- Buyer's Representative: Jonathan Postma - Coldwell Banker
- Seller's Representatives: Phillip Friis - The Corcoran Group, Candace Friis - The Corcoran Group
This transaction reflects the roles of key individuals within the real estate market, with Justin Gmelich representing the buyer and Aogán O hAoláin as the seller. The involvement of Jonathan Postma, as the buyer's representative, and Phillip and Candace Friis from The Corcoran Group representing the seller, highlights the collaboration among real estate professionals in facilitating the sale.
Players
Highland Beach Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93