Updated Dec 4, 2024
Greg Meerbaum Of Coastal And Ryan Hanks Of Madison Communities Acquire Multifamily Development In Canton For $68M
591 Jackie Moore Lane
$68,000,000
$288/SF
Building Size
236,000 SF
Asset Type
MultiFamily
Closing
Aug 20, 2024
About this deal
AI
The transaction involves a multifamily development located at 591 Jackie Moore Lane in Canton, GA, within the Atlanta metropolitan statistical area. The property features a total of 236,000 square feet and comprises 252 residential units. The sale price for this asset was $68,000,000.
Summary of transaction details:
- Property Type: Mulitfamily Development
- Transaction Amount: $68,000,000
- Address: 591 Jackie Moore Lane
- Market: Canton, GA (Atlanta MSA)
- Equity Investment: Greg Meerbaum - Coastal
- Developer: Ryan Hanks - Madison Communities
- Number of units: 252
Coastal has entered into an equity partnership with Madison Capital Group, aligning with Madison Communities to enhance the development potential of the garden-style multifamily project in Canton. This strategic collaboration is positioned within the growing Atlanta market.
On the Map
$68,000,000
$288/SF
MultiFamily
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Players
Canton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93