🏆 Residential: Palm Beach had the priciest home sale in South Florida, with the sale of an oceanfront teardown at 1160 North Ocean Boulevard for $36.3 million. The seller was private equity billionaire Greg Mondre, and the buyer was a trust. Built in the 1990s, the 6,100-square-foot property has seven bedrooms, seven bathrooms, a pool and a pool house. It also has a beachfront parcel with 152 feet of frontage. Mondre purchased the property in March, for $31 million, then put it up for sale in September, seeking just under $40 million. Marley Overman with Illustrated Properties and Gary Pohrer with Serhant had the listing, and Pohrer also represented the buyer.
🏆 Commercial: The top commercial transaction was for a low-income apartment complex at 201 Racquet Club Road in Weston that sold for $50.5 million. The buyer was Spira Equity Partners, a Canadian real estate investment firm, and the Foundation for Affordable Housing. The seller of the property, which has 300 units, was an LLC tied to Roizman Development, based in Fairview, New Jersey, along with Related Companies and Related Group. Roizman had purchased the complex in 1993 for $9.8 million. The complex dates to 1989 and sits on a 20-acre site.
📊 Commercial: In Deerfield Beach, an LLC tied to Red Back, New Jersey-based Denholtz offloaded two office properties at 602-668 and 776-852 South Military Trail for $34.5 million. The buyer was an LLC named after the property’s address. The buildings last sold in 2019 for $27.7 million. Combined, they span almost 150,000 square feet.
📊 Residential: In Miami, David and Victoria Beckham parted with a penthouse at One Thousand Museum at 1000 Biscayne Boulevard for $24.6 million or roughly $2,700 per square foot. The buyer was 1000 MT 59 LLC. The soccer and fashion superstars had purchased the pad in 2020 for $19.8 million. The condo spans 9,200 square feet and has five bedrooms and six and a half baths.
📊 Residential: In Fort Lauderdale, a home at 2 Pelican Drive changed hands for $21.5 million or about $2,100 per square foot. The sellers were businessman Salvatore Longo and his wife, Kathleen Longo, and the buyer was Gregory Clark. The 10,200-square-foot, waterfront mansion has six bedrooms and seven and a half baths, along with a six-car garage, elevator, dock and pool. The property sold in 2017, for $11 million. Compass’ Tim Elmes had the listing.
By the Numbers: Affordable housing construction surges nationwide, led by Seattle
Affordable housing construction skyrocketed across the country over the past five years, with one metro taking the cake for building the most units: Seattle.
Developers completed about 310,000 affordable apartments from 2020 through 2024, a 73 percent surge compared to the prior five-year period of 2015 to 2019, according to a report from RentCafe.
If you like this digest, you can get it even earlier — every evening — by subscribing to TRD Data, here.