Berkadia announced the sale of Aviara Green, a 56-unit apartment property with units set aside for workforce housing located near West Palm Beach, Florida.
Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Directors Omar Morales and Yoav Yuhjtman of Berkadia South Florida, led the transaction on behalf of the seller, MAG Real Estate & Development of Delray Beach, Florida.
Aviara Green sold for $17 million to Palm Beach County-based Sympatico Real Estate on November 6. The property was 95% occupied at the time of the sale. 12 of the units at the property are set aside as workforce housing as part of Palm Beach County’s Workforce Housing Program.
“Aviara Green is a newer apartment community located just outside West Palm Beach, which has earned the title of ‘Wall Street South,’” said Pesant. “With limited affordable housing in Palm Beach County, Aviara Green presents investors with the exceptional opportunity to own a new construction multifamily property with significant rent upside in the fastest-growing municipality in Palm Beach County.”
In addition to its modern living spaces, Aviara Green offers convenient access to key transportation routes, including Tri-Rail, enhancing connectivity throughout the region. The contemporary units are designed with modern amenities such as stainless-steel appliances, quartz countertops, and spacious layouts that promote comfortable living.
Residents enjoy proximity to John Prince Park, known for its recreational activities and scenic views, and Lake Avenue, a vibrant area filled with shops and dining options. The Palm Beach International Airport is a short 10-minute drive away, while the beautiful Lake Worth Beach is a 15-minute drive.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
