SVN | Commercial Partners Closes Sale Of 18-Unit Condo Portfolio
The SVN Commercial Partners (SVNCP) Multifamily Team, comprised of Team Leaders Steven Paulsen, John Andrews and Junior Advisor Mason Highman, represented the seller in the sale of Palm Aire Gardens Portfolio, an eighteen unit condominium portfolio with a mix of studio, one-, and two-bedroom units located at 4301 W McNab Road in Pompano Beach listed at a 5.06% cap rate with a reassessed tax estimate.
The $3,185,000 transaction closed June 21, equating to $176,944 per unit.
The 1989-built portfolio totals 12,839 square feet. Community amenities include gated access, 2 swimming pools, 2 tennis courts, a volleyball court, spa, and a clubhouse.
“The Palm Aire Portfolio was a unique opportunity to market a portfolio of individually parceled condominiums from a previous condo conversion of a Class A apartment complex,” explained Andrews. “As with any fractured condo transaction, there is a benefit of having individual parcels and a lighter management considering the homeowner association structure.”
“Our team has facilitated multiple deals in the Pompano Beach market and the Palm Aire Portfolio was just another example of our team’s execution,” added Paulsen. “The subject property was well positioned as it was 2 miles from the largest concentration of office jobs in Broward County.”
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