Berkadia announces it has arranged the sale and financing of 153 condominium units at Breezes at Palm-Aire, a 288-unit, garden-style residential community located in Pompano Beach, Fla. The buyer was Axonic Properties, LLC managed by Jonathan Shechtman, a New York-based investment advisor. The $25.39 million sale price breaks down to $166,000 per door.
Director Yoav Yuhjtman of Berkadia Boca Raton, along with Senior Managing Directors Roberto Pesant and Jaret Turkell, arranged the sale on behalf of entities controlled by Jorge Garcia-Sarraff and Ruben Garcia-Sarraff. Managing Director Brad Williamson of Berkadia Miami assisted in financing a loan from Key Bank on behalf of Axonic.
“Berkadia was engaged to market this property to a very select group of experienced fractured condo buyers,” said Yuhjtman. “The outstanding condition of the asset, combined with the property’s central South Florida location between Miami and West Palm Beach, generated ample interest and gives the new owner an opportunity to achieve significant upside on rents following a comprehensive renovation program.”
“We are excited to expand our footprint in Southeast Florida,” add Jonathan Shechtman, Managing Principal of Axonic Properties.
Built in 1987 and located at 2801 North Course Drive, Pompano Beach, Breezes at Palm-Aire features one- and two-bedroom units ranging in size from 735 square feet to 1,120 square feet, all with in-unit washer and dryer. Amenities include a pool and fitness center. The centrally located property is just five minutes west of I-95 and five minutes east of the Florida Turnpike, directly off West Atlantic Avenue. The property is one hour north of Miami and one hour South of West Palm Beach, in one of South Florida’s largest commercial and retail corridors.