Berkadia has arranged the sale and financing of Stellar at Palm Aire, a new build-for-rent community consisting of 39 townhomes located in the center of the Palm Aire Country Club in Pompano Beach.
Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Director Yoav Yuhjtman, Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Stellar Communities. Pulso Capital purchased the property for $21.5 million, or $551,282 per unit.
Senior Managing Director Mitch Sinberg, along with Managing Directors Matt Robbins, Scott Wadler and Brad Williamson, and Senior Analyst Michael Basinski of Berkadia Miami arranged the debt on behalf of the buyer. Steeprock provided the $14 million, fixed-rate, five-year loan at a 65 percent LTV, with full term interest only.
“In a region where for-sale housing has seen prices increase by up to 50 percent in some cases, Stellar at Palm Aire provides residents with a spacious, new-construction high-end property with private outdoor areas and luxurious finishes at a rent that is attainable,” said Pesant.
“We have a strong belief in the dynamics of the South Florida Market and are actively looking for the right opportunities for our group,” said Maor Benami, co-founder of Pulso Capital Group. “This unique, Class A Build-for-Rent product, coupled with our management capabilities, makes Stellar at Palm Aire a perfect fit for us as we continue to grow our portfolio.”
Effective rent in South Florida rose 25.2% year over year, according to Berkadia Research – driven by an influx of new residents and corporate migrations over the last 12 months.
Located halfway between Fort Lauderdale and Boca Raton in a suburban setting west of I-95, Stellar at Palm Aire is the first new construction in the Palm Aire Golf Course community in over 10 years. There are two-bedroom (1,475 square feet), three-bedroom (1,744) and four-bedroom floor plans (1,825 to 1,961) with rents ranging from $3550 a month to $4,350. Townhomes have attached garages. Its location in a peaceful community, surrounded by greenery, golf course views, walking, running & biking trails allows residents to enjoy the calm of suburban living while in close proximity to two of Florida’s main employment hubs. It is just 10 minutes from I-95, five minutes from the Florida Turnpike, and 15-20 minutes from both Downtown Fort Lauderdale and downtown Boca Raton.
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