Berkadia Arranges $22.83M Sale of Single-Family Home Rental Portfolio in Palm Beach County, Florida
WEST PALM BEACH, Fla. (January 6, 2022) – Berkadia announces it has arranged the sale of a single-family rental (SFR) portfolio composed of 57 homes in West Palm Beach County, Florida. Senior Managing Directors Jaret Turkell and Roberto Pesant of Berkadia Miami alongside Senior Managing Director Mark Forrester and Director Andrew Curtis of Berkadia Phoenix Investment Sales marketed the property on behalf of the seller, MIA Real Rentals II, owned by Avi Stern. The portfolio was acquired for $22.83 million, or approximately $400,568 per home. The single family home rentals are scattered throughout the county from West Palm Beach to Delray Beach and in between.
“Investor interest in single-family rental housing has been increasing for the past several years, but the asset class’s strong performance amid the COVID-19 pandemic has solidified SFRs as alternative investment that is here to stay,” said Turkell. “Furthermore, Palm Beach County has seen a massive influx of new residents and employers migrating from the Northeast, creating overwhelming demand. As rapid price appreciation continues to accelerate in the for-sale housing market, first-time home buyers remain priced out, a trend that will continue make SFRs in Palm Beach County more attractive and contribute to rent appreciation.”
“This well-maintained, family-owned and operated portfolio reflects the family’s years of personal dedication through a hands-on management approach rarely seen in the industry today,” added Curtis. “Current market rents are below fully renovated rents in the submarket and the portfolio is perfectly positioned to capture additional value-add revenue from fully modernizing the interiors.”
The properties in the portfolio are located in the following areas:
- Lantana – three homes, averaging 1,570 square feet, built between 1964 and 1983.
- Greenacres – one 1,088-square-foot home built in 1976.
- Lake Worth – 30 homes, averaging 1,370 square feet, built between 1953 and 1988
- Boynton Beach – 16 homes, averaging 1,259 square feet, built between 1956 and 2002.
- West Palm Beach – 15 homes, averaging 1,265 square feet, built between 1930 and 2001.
- Delray Beach – eight homes, averaging 1,286 square feet, built between 1957 and 1986.