Pulso Capital pays $22M for Pompano Beach complex
Fort Lauderdale firm acquired 39-unit Stellar at Palm Aire
A Fort Lauderdale-based multifamily investment firm padded it’s portfolio with a $21.5 million Pompano Beach acquisition.
Stellar at Palm Aire now belongs to a Pulso Capital Group affiliate.
The firm paid $22 million for the 39-unit rental townhome complex at 4091 Seina Circle, 4081-4099 Sunset Way, 700-706 Stellar Court, 4082-4098 Highland Oaks Drive, records show. The multifamily community is within the Palm Aire Country Club in Pompano Beach.
The deal breaks down to about $551,000 per townhome.
A Berkadia team led by Roberto Pesant and Jaret Turkell represented the seller, an affiliate of Dania Beach-based developer Stellar Communities, according to a press release. Stellar acquired the land for $2 million in 2018, obtained $10.6 million in construction financing in 2020 and completed the townhome development last month, records show.
Berkadia’s Mitch Dinberg and Matt Robbins led a separate Berkadia team that arranged a $14 million loan with a five-year term at a fixed-rate for Pulso, the release states. Steeprock is the lender, according to records.
Stellar at Palm Aire features two-bedroom-, three-bedroom- and four-bedroom units ranging from $3550 to $4,350 a month.
Co-founded by Maor Benami and Salomon Kamkhaji in 2019, Pulso is actively seeking to fatten its portfolio with built-for-rent townhome and single-family developments. The firm owns nine multifamily communities and apartment buildings in Fort Lauderdale, Hollywood, Lauderdale by the Sea, Oakland Park and Wilton Manors, according to Pulso’s website.
After more than a year of record-breaking rent hikes, South Florida’s multifamily market is plateauing, according to recent data and expert analysis. Rent increases have dropped steadily from 57 percent in March to 37 percent in June, according to Realtor.com. Still, the pipeline for new multifamily projects in South Florida shows no sign of slowing.
Swiss firm Empira Group is debuting in South Florida with plans to develop an eight-story building with 85 units in Miami’s The Roads neighborhood. Last month, Empira paid $9 million for a development site at 3025 and 3051 Southwest Third Avenue.
Also in August, developer Lissette Calderon obtained a $57.5 million construction loan for a two-building apartment complex with 237 units, marking her third multifamily project in Miami’s Allapattah neighborhood. And San Antonio-based Lynd Living nabbed a Miami Worldcenter development site in downtown Miami’s Park West for $30 million. The 0.5-acre property is zoned for a 650-apartment project, although Lyund has not announced its intentions for the site.