Benchmark drops $17M for historic Palm Beach apartment building

New York-based multifamily investor paid $740K per unit

Miami /
May.May 18, 2022 09:45 AM
184 Sunset Avenue in Palm Beach with Benchmark's Jordan Vogel and Aaron Feldman (Apartments, LinkedIn, Getty)

184 Sunset Avenue in Palm Beach with Benchmark’s Jordan Vogel and Aaron Feldman (Apartments, LinkedIn, Getty)

UPDATED, May 18, 3:05 p.m.: A New York-based multifamily real estate investment firm bought a historic apartment building in Palm Beach for $17 million.

An affiliate of Benchmark Real Estate Group, led by principals Aaron Feldman and Jordan Vogel, acquired the 23-unit property at 184 Sunset Avenue, according to records. The buyer obtained an $8 million loan from Valley National Bank.

The deal works out to $740,000 per apartment. The seller, an affiliate of Chicago-based commercial real estate firm Conlon & Co., paid $2.9 million for the property in 2010, records show.

Zachary Baraf, principal of the Stanwich Group, acted as the sole adviser in the deal.

Completed in 1926, the Mediterranean-style building features one-bedroom apartments averaging 600 square feet and 1,951 square feet of ground-floor retail, according to an online listing. Rents start at about $1,850 a month, the listing states.

Established in 2009, Benchmark primarily focuses on New York, acquiring more than 1,000 apartments with a cumulative market value of more than $1 billion, according to its website. Benchmark was primarily active in the 2010s when the firm acquired several multifamily buildings that it sold at a profit of over $400 million between 2015 and 2017.

In 2020, an affiliate of Benchmark raised $200 million by selling shares of a shell corporation to private and public investors through a special purpose acquisition company, or SPAC. It’s a vehicle real estate companies use to raise funds from investors without having to go public.

Palm Beach County is one of the hottest multifamily markets for institutional investors. This month, Pantzer Properties paid $78 million for The District Flats, a 178-unit apartment complex in West Palm Beach. Last month, the New York-based firm also bought the 136-unit Solera at City Centre Apartments in Palm Beach Gardens for $66.5 million.

Also in April, Boston-based Berkshire Residential Investments closed a behemoth deal for The Sophia at Abacoa apartment complex in Jupiter. Berkshire paid $202.5 million for the 390-unit garden-style community.





    Related Articles

    arrow_forward_ios
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures)
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    US HUD Secretary Marcia Fudge (Getty, iStock)
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    The Park at Sheffield apartment complex at 15601 Southwest 137th Avenue in southern Miami-Dade County (Google Maps, The Park at Sheffield)
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Lee Associates' Matthew Jacocks along with a rendering of the 441 Arthouse project (Lee Associates, iStock)
    Developers plan Lauderhill mixed-use, multifamily development with 245 units
    Developers plan Lauderhill mixed-use, multifamily development with 245 units
    Nancy Shevell McCartney with Il Lugano (Getty, Apartments.com)
    Paul McCartney’s wife sells her late father’s Palm Beach condo
    Paul McCartney’s wife sells her late father’s Palm Beach condo
    Todd Michael Glaser and the Tiffany & Co building in Palm Beach at 259 Worth Avenue (CA Sothebys)
    Putting a ribbon on it: Todd Glaser, partners buy Tiffany condo on Worth Avenue in Palm Beach, with plans to flip
    Putting a ribbon on it: Todd Glaser, partners buy Tiffany condo on Worth Avenue in Palm Beach, with plans to flip
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    arrow_forward_ios

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

    Loading...