July 21, 2024

Family-Led Firm Buys Deerfield Beach Multifamily Property for $25M – Commercial Observer

A joint venture led by Category Five Real Estate (CFRE) paid $24.5 million for a garden-style multifamily property in Deerfield Beach, Fla., property records show

The complex, called San Marco 1, features 156 units on 6.2 acres at 311 Northwest 42nd Court. The 121,114-square-foot property was completed in 1973, and all units are two-bedroom apartments ranging from 810 to 900 square feet.

The buyer is a venture between CFRE — a Miami-based private equity firm led by father-sons trio Alberto, Leon and Mike Peisach, which holds a 72.2 percent stake — and Idaho-based Hawkins Companies, according to the deed.

Santander Bank provided a $14.8 million acquisition loan. The seven-year, fixed-rate, nonrecourse mortgage includes four years of interest-only payments and a step-down prepayment structure, per the Berkadia team that brokered the debt. The team includes Mitch Sinberg, Brad Williamson, Matt Robbins and Scott Wadler.

The seller, Prashkovsky Investments USA, assembled the property in 2011 and 2016, paying $7.6 million in total, according to records.

“As part of our diversification strategy, we are exiting from some of our long-term holds to reallocate exposure to different asset classes where we have identified value in both local and global markets,” Adi Karadi, CEO of Prashkovsky Investments USA, said in a statement.

Roberto Pesant, Jaret Turkell, Yoav Yuhjtman, Jose Mota, and Omar Morales, also from Berkadia, represented the seller.

Julia Echikson can be reached at jechikson@commercialobserver.com

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