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Advenir Pays $97.3M for Palm Beach Gardens Rental

$80M Loan Will Go Toward Renovating The Fountains
February 8, 2018
Advenir, a real estate investment company, completed a deal this week for a 4-Star apartment complex in Palm Beach Gardens, FL for $97.3 million, or about $179,000 per unit.

BRT Apartments Corp., a real estate investment trust, announced last month that it had a contract to sell the property and expected the deal to close in the second quarter.

The buyer secured a new $80 million Freddie Mac loan to renovate individual units at The Fountains, located 4120 Union Square Blvd. The complex was built in 1974 and last updated in 2009, according to Berkadia South Florida, which arranged the financing.

"The buyer, Advenir, is among the most successful Florida-based owners of multifamily assets," Berkadia's Charles Foschini said in a statement. "They bring a unique approach to every deal and as such qualified for Freddie Mac’s value-add program, which requires a substantive investment in both the interior and exterior of the space in exchange for a low rate and higher level of proceeds."

Mitch Sinberg, Chris Apone, Matt Robbins and Lourdes Carranza-Alvarez at Berkadia worked with Foschini on the financing package.

The 542-unit development has one-, two- and three-bedroom apartments. Amenities include three swimming pools, a fitness center, basketball courts, fitness trail, putting green and picnic area. The buyer has rebranded the property as Advenir at PGA.

Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark represented the seller.

Please see CoStar COMPS #4130504 for additional information on this transaction.



Paul Owers, South Florida Market Reporter  CoStar Group   
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