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Four Corners Development Group Acquires Multifamily In Harvey For $65M

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SOLD
$65,000,000

Louisiana

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MultiFamily331,812 SF
Sold 03/15/2024
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Property Image
SOLD

Four Corners Development Group Acquires Multifamily In Harvey For $65M

1499 Central Park Blvd

See Similar Deals
MultiFamily331,812 SF
Sold 03/15/2024
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Summary

LOUISIANA
Asset Type:MultiFamily
Price Per Square Foot:$195
Total Square Footage:331,812 SF
Transaction Type:Sale

The multifamily property located at 1499 Central Park Blvd in Harvey, LA, was sold for $65,000,000. The property encompasses 360 units with a price per unit of $180,556. The total square footage of the property is 331,812 square feet, resulting in a price per square foot of $196.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $65,000,000
  • Units: 360
  • Price Per Unit: $180,556
  • Square Footage: 331,812
  • Price Per Square Foot: $196
  • Address: 1499 Central Park Blvd
  • Market: Harvey, LA

Albert Elmore from Colliers represented the buyer, Four Corners Development Group, in the transaction, while the seller, Stoa Group, was represented by their broker Albert Elmore as well.

Players

Albert Elmore IV
1 deal$65M volume(205) 949-2695
BROKER

Details

SOLD
IMAGE: Albert Elmore DATE: 03/15/2024 ADDRESS: 1499 Central Park Blvd MARKET: Harvey, LA ASSET TYPE: Multifamily BUYER: Four Corners Development Group SELLER: Stoa Group BROKER: Albert Elmore - Colliers (@ColliersInternational) SALE PRICE: $65,000,000 UNITS: 360 ~ PPU: $180,556 SF: 331,812 ~ PPSF: $196

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$230,931.27
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