Axonic Properties pays $49M for West Palm Beach apartments

JV between Angelo Gordon and McDowell Properties sold the 300-unit Viera of the Palm Beaches

Miami /
Dec.December 10, 2018 09:45 AM

Clayton Degiacinto, executive director of Axonic Properties, and Viera of Palm Beaches. (Credit: iStock)

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.


Related Articles

arrow_forward_ios
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG pays nearly $60M for Johnson & Wales North Miami campus
PMG pays nearly $60M for Johnson & Wales North Miami campus
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...