Commercial real estate services provider Berkadia announced the sale of 224 units at Palm Hill Apartments in West Palm Beach for $13.75 million in a fractured condominium deal.
The apartment property at 5101 Palm Hill Drive is a fractured condominium with a total of 385 units, including owner-occupied units. The 224 rental units were 93 percent occupied at the time of the sale.
FC Palm Hill of Miami sold the 224 units for $86.40 per square foot to Axonic Properties of New York.
The fractured condo has one and two bedroom units ranging in size from 425 square feet to 725 square feet. Common-area amenities include two swimming pools, a tennis court and a basketball court.
Senior director Tal Frydman, a senior director of Berkadia, brokered the sale together with directors Yoav Yuhjtman and Fernando Polanco.
Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corporation.