Berkadia Arranges Sale Of West Palm Apartments

Berkadia negotiated the sale of Aviara Green, a 56-unit apartment property with units set aside for workforce housing located near West Palm Beach.

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.

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. Twelve 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.”

Located at 2157 S Haverhill Road, Aviara Green was built in 2022 and features both one- and two-bedroom layouts with an average size of 1,037 square feet. In addition to its modern living spaces, the property offers convenient access to key transportation routes, including Tri-Rail, enhancing connectivity throughout the region.