The 156-unit property is situated in Deerfield Beach, Fla.

Prashkovsky acquired a portfolio which included the Luna at Hollywood Condominium property in 2019. Image courtesy of Aztec Group

Category Five Real Estate has expanded its multifamily presence in the Miami metro with the acquisition of a 156-unit community in Deerfield Beach, Fla. The South Florida-based firm acquired San Marco 1 from Prashkovsky USA for $24.6 million. An undisclosed bank provided $14.76 million in acquisition financing.

Berkadia’s Yoav Yuhjtman, Jose Mota, Roberto Pesant, Jaret Turkell and Omar Morales arranged the sale, while Mitch Sinberg, Brad Williamson, Matt Robbins and Scott Wadler secured the financing. The financing is a seven-year, fixed-rate, non-recourse loan that includes four years of interest-only payments and a step-down prepayment structure.

San Marco 1 was built in 1973 as a garden-style apartment community. The community offers two-bedroom units ranging from 810 to 900 feet, as well as common amenities like a pool, laundry facility and on-site parking.

Located on a nearly 6.2-acre site at 311 NW 42nd Court, residents are roughly a 30-minute drive north of Fort Lauderdale-Hollywood International Airport and a 30-minute drive south of Palm Beach International Airport. The community is situated between Miami and West Palm Beach, both major employment hubs.

Sunshine State portfolio

Category Five Real Estate’s strategy often involves renovations to enhance the living experience for the tenants and surrounding communities.  Co-founder Mike Peisach said in prepared remarks that the acquisition of San Marco 1 was a strategic acquisition based on the community’s location and favorable unit mix. Peisach also said in prepared remarks that the firm is actively searching for more opportunities in 2024.

As for Prashkovsky USA, the firm is following a diversification strategy that will see it exit its long-term holds and invest in different asset classes, Adi Karadi, CEO of Prashkovsky USA, said in prepared remarks.