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695 South Olive Avenue, Wes...

Russ Urban And Larry Korman Acquire Multifamily Property In Downtown West Palm Beach For $84M
SOLDMultiFamily

Russ Urban And Larry Korman Acquire Multifamily Property In Downtown West Palm Beach For $84M

695 South Olive Avenue, West Palm Beach, Florida 33401, United States

$84,000,000

$933/SF

Building Size

90,000 SF

Asset Type

MultiFamily

Closing

Apr 5, 2022

AI

The multifamily property located at 695 S Olive Ave in Downtown, West Palm Beach has been sold for a total price of $84,000,000. The transaction took place on 04/06/2022. The property consists of 217 units, with a price per unit of $387,097. The total square footage of the property is 90,000, resulting in a price per square foot of $933. The buyer in this deal is Russ Urban from Electra Hospitality Group and Larry Korman from Korman communities. The seller is Josh Haywood.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $84,000,000
  • Address: 695 S Olive Ave
  • Market: Downtown, West Palm Beach
  • Units: 217
  • Price Per Unit: $387,097
  • Square Footage: 90,000
  • Price Per Square Foot: $933

Russ Urban from Electra Hospitality Group and Larry Korman from Korman communities acted as the buyers in this transaction. They were represented by their respective broker representatives.

Players

West Palm Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.19%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93