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Northlake Boulevard & Bay H...

D.R. Horton Acquires 16.5 Acre Palm Beach Gardens Development Site For $9.35M
SOLDDevelopment Site

D.R. Horton Acquires 16.5 Acre Palm Beach Gardens Development Site For $9.35M

$9,350,000

Building Size

Asset Type

Development Site

Closing

Nov 25, 2023

AI

D.R. Horton, the national homebuilder, has acquired a development site in Palm Beach Gardens for $9.35 million. The 16.5-acre property located at Northlake Boulevard & Bay Hill Drive will be used for the Vintage Oaks townhouse project, which will consist of 111 townhouses and various amenities. The site was previously owned by Northlake 20 LLC.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $9,350,000
  • Address: Northlake Boulevard & Bay Hill Drive
  • Market: Palm Beach Gardens
  • Buyer: D.R. Horton - Paul Romanowski
  • Seller: Northlake 20 LLC - Carlo Aldo Basile
  • Acres: 16.5

D.R. Horton, with the representation of Paul Romanowski, made the purchase for the development site from Northlake 20 LLC, represented by Carlo Aldo Basile. The Vintage Oaks townhouse project will offer a desirable living space in Palm Beach Gardens, adding to D.R. Horton's portfolio of residential developments.

Players

Paul J. Romanowski

D.R. Horton

Buyer

$29.7M

vol

2 deals

Buyer

Market Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.70%

Cash-on-Cash

-0.48%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93