UPDATED, Jan. 12, 9 a.m.: Axonic Properties paid $37.3 million in a bulk purchase of 170 units of a 310-unit fractured Doral condo complex.
The New York-based firm, led by Clayton DeGiacinto and Jonathan Shechtman, bought the units at Valencia at Doral, at 10000 Northwest 45th Terrace, according to records.
The seller is an affiliate of Transcendent Investment Management, or TIM, based in Bay Harbor Islands and led by Jordan Kavana. The building was constructed in 1992.
The deal brings Axonic’s total ownership to at least 190 units, according to records. As a fractured condo project, only some of the individual units were sold by the initial developer. A Lennar affiliate had paid $67.9 million for the complex in 2006. In 2014, TIM paid Lennar $45 million for 204 units of the complex.
Maurice Habif, Brain Gaswirth, Simon Banke and Jo Rousseau of JLL Capital Markets represented TIM in the latest deal, according to a press release.
In 2016, Cushman & Wakefield marketed the units and said it could sell them for more than $50 million.
The property has one- to three-bedroom floor plans ranging from 710 square feet to 1,466 square feet. Monthly rents range from $1,600 to $2,375, according to an online listing. Residents receive membership to the Doral Park Country Club.
Last year, Axonic sold a 300-unit garden-style apartment community in West Palm Beach for $56.2 million.
In 2020, TIM inked a deal with Landis, a startup that uses technology to boost homeownership, to turn some of its single-family rental tenants into buyers.
An earlier version of this story incorrectly identified the buyer.