Joint venture buys West Palm apartments for $36.4M

Covenant Capital Group paid $20.4M for the community in 2012

TRD MIAMI /
Aug.August 15, 2016 11:15 AM

Updated, 2:30 p.m., Aug. 15: South Florida’s multifamily market is continuing to see a number of large apartment sales.

The Viera of the Palm Beaches, a 300-unit complex in West Palm Beach, sold for $36.4 million to a partnership between San Francisco and New York firms, broker Tal Frydman told The Real Deal. The deal breaks down to about $121,000 per apartment.

The property, at 4860 Sand Stone Lane, was built in 1987 and is currently 93 percent occupied, according to a press release. Records show the seller is Palm Beach Multifamily Partners LLC, an affiliate of Nashville-based Covenant Capital Group.

Covenant, one of the largest real estate fund managers in the country, paid $20.4 million for the 14.3-acre complex in 2012.

“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,” Frydman said in the release.

The buyer, AGM Viera LLC, assumed Covenant’s loan.

Frydman, a Berkadia senior director, along with directors Yoav Yuhjtman and Fernando Polanco of the brokerage’s Boca Raton office, worked with Cole Whitaker, managing director of Berkadia’s Orlando office, to broker the deal. Berkadia is a joint venture between Berkshire Hathaway and Leucadia National Corporation.

The Viera of the Palm Beaches includes one- and- two-bedroom apartments with balconies, patios, washers and dryers, stainless steel appliances and wood laminate floors. The property has a clubhouse, gym, business center, swimming pool, tennis courts and trails.

The seller has more than $1.2 billion of assets under management on behalf of more than 300 institutional and high-net-worth investors, according to its website.

More than $4 billion of multifamily properties have sold in South Florida from January to June, with an emphasis on the suburban parts of Fort Lauderdale, West Palm Beach and Miami. Since the beginning of the month, a Broward complex sold last week for $44 million, a West Miami property in early August for $57 million, and a Tamarac community for $33 million – to name a few.


Related Articles

arrow_forward_ios
Steelblock CEO Ignacio Murman and 13300 Alexandria Drive in Opa-locka (Steelblock, Google Maps)

Steelblock buys Opa-locka apartment complex for $8M

Steelblock buys Opa-locka apartment complex for $8M
A rendering of Adela at MiMo Bay, Michael Van Der Poel of ACRE, and QuadReal CEO is Dennis Lopez

American Legion rental project in MiMo District launches leasing

American Legion rental project in MiMo District launches leasing
From left: A rendering of Deco Green and developer Ricardo Hernandez, and a rendering of Element with developer Norman Weinstein (Credit: Dominick Ranieri Architect and Rosemurgy Properties)

Lake Worth Beach CRA approves two apartment complexes

Lake Worth Beach CRA approves two apartment complexes
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
An aerial view of the property (Credit: Google Maps)

Mixed-use multifamily project proposed for central Palm Beach County

Mixed-use multifamily project proposed for central Palm Beach County
Tony Robbins and 2951 Electronics Way, West Palm Beach (Getty, Google Maps)

Tony Robbins buys West Palm Beach warehouse for production studio

Tony Robbins buys West Palm Beach warehouse for production studio
Pebb’s Ian Weiner and 5544 Okeechobee Boulevard, West Palm Beach (Pebb Enterprises)

Pebb sells West Palm Tesla dealership for $13M

Pebb sells West Palm Tesla dealership for $13M
A rendering of 14752 Northeast Sixth Avenue

Global One plans housing project near North Miami

Global One plans housing project near North Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...