Capital of Mesa West lent $135 million to Residential Investments in Berkshirepurchase of a multi-family complex in Jupiter, Florida, the lender announced.
Last month, Berkshire bought the Sophie in Abacoa for $202.5 million – $114.5 million more than previous owners, Heitman America Real Estatepaid in 2015.
Built in 2002, the garden-style property has 390 units, 98% of which are leased, by Mesa West Capital.
As part of the sale, Berkshire agreed not to convert the complex into condominium units. Monthly rental rates vary between $2,315 and $3,898, depending on Apartments.com.
“Many companies, especially those in the financial services industry, have recently flocked to Palm Beach from the northeast, creating thousands of new jobs,” said the executive director of Mesa West Capital. Russell Frahm said in a statement. “As a result, the demand for apartments has increased.”
The two-building complex, located at 803 Promenade Road and 803 University Blvd.are less than a mile from Roger Dean Stadiumwhich serves as a spring training center for the Miami Marlins and Cardinals of St. Louis.
matt williams and James Maynard of Newmark arranged the financing. The legal team, led by Mark Osher, Eric Steiglitzand Zak Baron from Gibson, Dunn & Crutcherrepresented Mesa West Capital. cara nelson and Oriana Montani of Piper DLA represented Berkshire, the real estate investment arm of warren buffet‘s conglomerate.
Julia Echikson can be contacted at [email protected].