The Morrison family’s Sympatico Real Estate scooped up an apartment complex with some workforce units near West Palm Beach for $17 million.
Sympatico bought the 56-unit Aviara Green at 2157 South Haverhill Road in unincorporated Palm Beach County from Delray Beach-based MAG Real Estate & Development, according to records and a news release from the seller’s broker. The complex is west of Palm Springs and north of Greenacres.
Roberto Pesant and Omar Morales were part of the Berkadia South Florida team that represented MAG Real Estate.
MAG Real Estate completed development of the pair of three-story buildings in 2022 on a 3.3-acre site, according to records. It took out a $10.5 million loan on the property in 2022 from Transamerica Financial Life Insurance Company.
Lake Worth-based Sympatico assumed the loan’s $10.1 million balance, records show.
The complex includes 12 units designated as workforce housing under Palm Beach County’s workforce housing program. The complex is 95 percent leased, according to the release.
MAG Real Estate, led by founder Maher Hanna, partners with Pompano Beach-based property management firm Aviara Properties to conceptualize and brand MAG’s multifamily complexes, according to the companies’ website. Edward Farhat, owner of Aviara, also is CFO at MAG, his LinkedIn shows.
Sympatico, led by father-son duo Carlos and Thomas Morrison, has been ramping up real estate plays in recent months.
In downtown West Palm, the firm is partnering with David Martin’s Terra on the city’s first Cipriani-branded project. The plan is for a 25-story Mr. C Hotel & Residences West Palm Beach at 320 Lakeview Avenue with 110 hotel keys and 146 branded condos that owners can rent out through the hotel operator. Sympatico also is partnering with Al Adelson, developer of West Palm’s The Bristol condominium, on a proposal for a 25-story, 191-unit condo tower at 601 and 621 Clearwater Park Road in West Palm.
Amid elevated interest rates and skittish lending, South Florida multifamily investment sales have calmed from the bonanza of the past four years. Deal activity still remains steady.
This month, Grand Peaks paid $90.9 million for the 448-unit The Seven at West Boca at 10235 Boca Entrada Boulevard in unincorporated Palm Beach County. That came on the heels of Graham Companies’ $69 million purchase last month of the 448-unit Courtyards at Miami Lakes at 6431 Cow Pen Road in Miami Lakes.