Berkadia Arranges Sale Of Boutique Townhomes In Palm Beach County

Berkadia has arranged the sale of Aviara Lake Worth, a newer boutique rental community consisting of 36 three- and four-bedroom townhomes located in Lake Worth.

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. The property sold to Miami-based Corinthian Capital, a Florida-focused commercial real estate investment firm.

Build-to-rent communities (generally 50 or more attached or detached single-family homes and townhomes) are one of the most sought-after asset classes by investors because of renter demand.

“Rental townhomes meet a clear tenant ‘need’, which in turn attracts investors,” explained Pesant. “Due to South Florida’s land constraints, this kind of product is usually on the smaller size, like Aviara Lake Worth, with under 50 units. We’ve seen a trend of more sophisticated investors acquiring these boutique, in-fill BTR deals. Berkadia has been involved in the sale and financing of similar boutique BTR properties in Flagler Village (Fort Lauderdale) and Palmaire Country Club in Pompano Beach, for example.”

Located at 3902 Melaleuca Lane, Aviara Lake Worth was built in 2019 on a 3.5-acre site and consists of three two-story townhome buildings containing 30 three-bedroom units (1,407 square feet) and 6 four-bedroom units (1,491 square feet). Individual units feature porcelain tile floors, quartz countertops, stainless steel appliances, nine-foot ceilings, modern roller shades, second-floor balconies, and interior laundry rooms. Community amenities include ample green space, three ponds, assigned parking, gazebos and BBQ areas.

Aviara Lake Worth is located west of I-95, just 20 minutes south of West Palm Beach, 15 minutes from both Palm Beach International Airport and the town of Lake Worth and its beaches, and 5 minutes from Palm Beach State College.