New York real estate investment firm Axonic Properties just bought a 300-unit apartment complex in West Palm Beach for $48.5 million, about 25 percent more than its last sale price in 2016.
Axonic Properties bought Viera of the Palm Beaches at 4860 Sand Stone Lane for about $162,000 per unit. The seller is a joint venture between investment firms Angelo Gordon and McDowell Properties, according to a press release.
Tal Frydman, Yoav Yuhjtman, and Nicholas Perrone of Berkadia’s South Florida office represented both sides of the deal, according to the release. Berkadia also arranged $35.8 million in financing for the buyer.
Axonic Properties, led by its executive director Clayton Degiacinto and its managing principal Jonathan Shechtman, has purchased about 4,000 apartment units in Florida since 2012.
Angelo Gordon and McDowell Properties’ joint venture bought the 14-acre property in 2016 for $36.4 million. The same Berkadia investment sales team also brokered that sale.
The apartments were built in 1986 and include one- and two-bedroom units. Amenities include a clubhouse, fitness center, swimming pool, tennis courts, barbecue area, lounge area, dog park, and trails for jogging, biking, and hiking.
Institutional investors have increasingly sought out multifamily properties in Palm Beach County, Broward County and areas outside of Miami’s urban core, as there is limited land left for development. Investors also project that these areas will become more populated as housing becomes more expensive.
In October, Ram Realty Advisors and Kolter Urban sold a 20-story apartment complex in downtown West Palm Beach to AvalonBay Communities for $103 million.