Berkadia Brokers $48.5M Sale in West Palm Beach
- Dec 10, 2018
Berkadia has facilitated the $48.5 million sale and $35.8 million financing of Viera of the Palm Beaches, a 300-unit community in West Palm Beach, Fla. A joint venture between Angelo Gordon and McDowell Properties sold the asset to an affiliate of Axonic Properties.
Senior Director Tal Frydman, Director Yoav Yuhjtman and Associate Director Nicholas Perrone of Berkadia’s South Florida office worked on behalf of both parties involved in the deal. The same investment team arranged the sale of Viera of Palm Beaches in 2016, when the asset changed hands for $36.4 million, according to Yardi Matrix data.
Berkadia’s Senior Director Brad Williamson, also from the South Florida office, arranged the financing from a commercial bank utilizing a 4-year, 70 percent LTC floating rate loan with a 160 basis points spread and three years interest only.
Located at 4860 Sand Stone Lane, Viera of the Palm Beaches is 7 miles west of downtown West Palm Beach, near major employers and transit corridors such as Florida’s Turnpike and Interstate 95. According to Yardi Matrix data, the 1986-built garden-style community features one- and two-bedroom units, with an average of 855 square feet and spread across 17 buildings. Community amenities include a newly renovated clubhouse, fitness center, swimming pool, tennis courts, dog park and trails for jogging, biking and hiking.
“With a recent influx of new construction built in the last few years, the pace of demand signals a strong multifamily market ahead, thanks to a rise in job growth and median household income. Recognizing this pace, the seller began a second round of unit upgrades commanding over $120 in rent premium that will be completed by the buyer,” Frydman said, in a prepared statement.
Image courtesy of Yardi Matrix
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