- Berkadia Completes $36 Million Sale of South Florida Multifamily Property
Berkadia today announced the sale of Viera of the Palm Beaches, a multifamily property located at 4860 Sandstone Lane in West Palm Beach, Florida. Senior Director Tal Frydman and Directors Yoav Yuhjtman and Fernando Polanco of the Boca Raton office worked with Managing Director Cole Whitaker of the Orlando office to complete the $36.4 million sale, which reflects a price of $121,166 per square foot.
A San Francisco-based company partnered with a New York-based company to purchase Viera, and assumed the loan they had on the property. The seller was Palm Beach Multifamily Partners, LLC of Nashville, Tennessee.
“The strong West Palm Beach rental market made Viera a particularly attractive investment,” Frydman said. “Over the past four years, the property has received a significant amount of rehabilitation and upgrades, and the buyer plans to continue the renovations through to completion.”
The 300-unit property was built in 1987 and was 93 percent occupied at the time of sale. Viera offers one- and two-bedroom units with balconies or patios, in-unit washers and dryers, stainless steel appliances and wood laminate flooring. Residents enjoy community amenities including a clubhouse, fitness center, business center, swimming pool, tennis courts, barbeque area, and running, hiking and biking trails. The community is pet-friendly.
Bucking the South Florida metro trend, where the vacancy rate was 30 basis points under the five-year average of 4.9 percent at the end of the second quarter of 2016, vacancy in the West Palm Beach/Palm Beach submarket declined 40 basis points year-over-year to 6.4 percent, despite more than 760 apartments coming online in that time. [The Real Deal
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