Updated Oct 29, 2024
Jaden Way, LLC Acquires 93-Acre Development Site In Virginia Beach For $2,015,000
608 Dam Neck Road
$2,015,000
Units
92
Asset Type
Development Site
Closing
Jul 12, 2023
About this deal
AI
Around 93 acres of land located at 608 Dam Neck Road in Virginia Beach, Virginia, have been sold for $2,015,000. The property, which is a development site, has been acquired by Jaden Way, LLC from VB Holdings, LLC. The plan for the property is to develop 62 townhouse units as part of a larger 92-unit project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,015,000
- Address: 608 Dam Neck Road
- Market: Virginia Beach, VA
- Acres: 93
Cushman & Wakefield facilitated the sale of the land. The buyer, Jaden Way, LLC, will oversee the development of the townhouse units on the property. The seller, VB Holdings, LLC, has successfully completed the transaction. Robert M. Thornton from Cushman & Wakefield served as the broker in this deal.
Players
Virginia Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.87%
Cash-on-Cash
-2.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93