ARA Newmark Brokers $97.3M Sale of Multifamily Community in South Florida
PALM BEACH GARDENS, FLA. — ARA Newmark has brokered the $97.3 million sale of The Fountains at Palm Beach Gardens, a 542-unit apartment community located at 4120 Union Square Blvd. in Palm Beach Gardens. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, Landmark at Garden Square. Advenir at PGA LLC acquired the asset. Charles Foschini, Mitch Sinberg, Chris Apone, Matt Robbins and Lourdes Carranza-Alvarez of Berkadia arranged a three-year, $80 million loan through Freddie Mac on behalf of the buyer. Proceeds of the loan will be used to renovate individual apartment units. Constructed in 1974, The Fountains includes one- to three-bedroom apartment units averaging 999 square feet. Community amenities include three resort-style pools, dog parks, a fitness center and outdoor green space. At the time of sale, the property was 95 percent occupied.