Viera of the Palm Beaches sold for $48.5MM to a New York investor
West Palm Beach, Fla. (Dec. 7, 2018) – Berkadia has arranged the $48.5 million sale and $35.8 million financing of Viera of the Palm Beaches, a 300-unit multifamily asset located in West Palm Beach. Senior Director Tal Frydman, Director Yoav Yuhjtman, and Associate Director Nicholas Perrone of Berkadia’s South Florida office represented the seller, a joint venture between investment firms Angelo Gordon and McDowell Properties, and the buyer, an affiliate of Axonic Properties, LLC. The same Berkadia investment sales team also brokered the sale of Viera of Palm Beaches previously, in 2016.
With this transaction, the Berkadia South Florida investment sales team has completed transactions of over 1,000 apartment units totaling $190 million over the last few months, and on track for another $100 million closing in the beginning of 2019.
Senior Director Brad Williamson of Berkadia’s South Florida office arranged the financing on behalf of the buyer, a real estate owner, operator, and management firm based in New York City. Berkadia sourced very competitive terms from a top U.S. commercial bank which provided a 4-year, 70 percent LTC floating rate loan with a 160 bps spread and 3 years interest only.
“Palm Beach County distinguishes itself from the rest of South Florida with an exceptional quality of life and rapid growth opportunities throughout various sectors of the greater West Palm Beach area,” said Frydman. “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.”
“We are excited to add to our existing residential portfolio in Palm Beach County,” added Jonathan Shechtman, Managing Principle for Axonic Properties, LLC.
Built in 1986, Viera of the Palm Beaches is located at 4860 Sand Stone Lane. One- and two-bedroom units include washer/dryer, dishwasher, stainless steel appliances, granite countertops, and vinyl plank floors. Community amenities feature a newly renovated clubhouse, state of the art fitness center, swimming pool, tennis courts, barbecue area, lounge area, dog park, and trails for jogging, biking, and hiking.
Situated in Palm Beach County, the community is found near major employers and transit corridors. The county is a national leader in the aviation, aerospace, and engineering industry, supporting approximately 17,000 jobs in the area. Florida’s Turnpike is 10 minutes away and Interstate 95 is less than 15 minutes away.