Advenir Acquires $97M South FL Community

Berkadia closed an $80 million Freddie Mac loan to fund both the acquisition and planned renovations of the 542-unit property.

Advenir has purchased The Fountains, a 542-unit community in Palm Beach Gardens, Fla., for $97.3 million from Electra America. Berkadia secured a three-year, variable-rate financing package of $80 million from Freddie Mac for the acquisition and future capital improvements. The new owner has dubbed the property as Advenir at PGA and plans to begin significant renovation work on the buildings, initially constructed in 1974 and last updated in 2009. Last year, a newly constructed 340-unit luxury apartment community in the area sold for nearly $120 million.

Located at 4120 Union Square Blvd., the property’s 33 two-story buildings sit between Interstate 95 and North Military Trail, enabling accessibility throughout the area, including directly to West Palm Beach, 10 miles south. The PGA Boulevard retail corridor sits a short walk away, home to numerous shopping and dining options. Two miles away, The Gardens Mall, a 1.4 million-square-foot indoor shopping mall, can be accessed via Palm Beach County public transportation.

Advenir at PGA features a mix of one-, two- and three-bedroom rental units, from 770 to 1,300 square feet. Community amenities include a clubhouse with a fitness and business center, tennis and basketball courts, three swimming pools, a children’s playground and in-unit washers and dryers, according to Yardi Matrix. 1,000 grade-level parking spaces are also available for resident use.

Images courtesy of Yardi Matrix