The Real Deal Miami

Berkadia brokers fractured condo deal in WPB

The buyer paid $13.75 million for 224 units at Palm Hill Apartments in West Palm Beach
Palm Hill Apartments, 5101 Palm Hill Drive, West Palm Beach

Palm Hill Apartments, 5101 Palm Hill Drive, West Palm Beach (Source: Apartments.com)

Commercial real estate services provider Berkadia announced the sale of 224 units at Palm Hill Apartments in West Palm Beach for $13.75 million in a fractured condominium deal.

The apartment property at 5101 Palm Hill Drive is a fractured condominium with a total of 385 units, including owner-occupied units. The 224 rental units were 93 percent occupied at the time of the sale.

FC Palm Hill of Miami sold the 224 units for $86.40 per square foot to Axonic Properties of New York.

The fractured condo has one and two bedroom units ranging in size from 425 square feet to 725 square feet. Common-area amenities include two swimming pools, a tennis court and a basketball court.

Senior director Tal Frydman, a senior director of Berkadia, brokered the sale together with directors Yoav Yuhjtman and Fernando Polanco.

Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corporation.