South Florida Rental Community Sells for $21.5 Million

Berkadia arranged the sale and financing of Stellar at Palm Aire, a new build-for-rent community with 39 townhomes located in the Palm Aire Country Club in Pompano Beach.

The property sold to Pulso Capital, a Fort Lauderdale-based company for $21.5 million, or $551,282 per unit.

Berkadia Miami’s senior managing directors Roberto Pesant and Jaret Turkell, director Yoav Yuhjtman, associate director Omar Morales and senior analyst Jose Mota marketed the property on behalf of Stellar Communities, a real estate development company.

It’s a region where for-sale housing has seen price increases up to 50% in some cases, says Pesant.

“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.

According to Berkadia, effective rent in South Florida rose 25.2% year over year due to an influx of corporate migration and new residents.

Rents at Stellar at Palm Aire range from $3550 a month to $4,350 with two to four-bedroom floor plans. The square footage ranges from 1475 square feet to 1961 square feet.

The townhomes are located halfway between Fort Lauderdale and Boca Raton west of I-95. It’s the first new construction in the Palm Aire Golf Course community in a decade.

Stellar at Palm Aire’s community features walking, running, and bike trails, and golf course views, and is close to 15 to 20 minutes away from both downtown Fort Lauderdale and Boca Raton.

Maor Benami, co-founder of Pulso Capital Group says the company has a strong belief in the dynamics of South Florida’s market and continues to look for opportunities for the group.

“This unique, Class A Built-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,” said Benami.

The debt on behalf of the buyer was arranged by Berkadia Miami’s senior managing director Mitch Sinberg, managing directors Matt Robbins, Scott Wadler and Brad Williamson, and senior analyst Michael Basinski.

New York-based Steeprock Capital, a private real estate investment firm, provided the $14 million, fixed-rate, five-year loan at a 65% LTV, with full-term interest only.

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