Axonic Properties buys Pompano Beach condos in $25M bulk purchase
Buyer scooped up 153 units at 288-unit development
Axonic Properties bought more than half of the condos at Breezes at Palm-Aire in Pompano Beach for $25.4 million.
New York-based Axonic, an owner-operator and manager of residential properties, bought 153 units at the 288-unit property from three groups managed by Jorge Garcia-Sarraff and Ruben Garcia-Sarraff, according to a news release. Axonic plans to rent out the condos.
The purchase breaks down to $166,000 per unit.
Berkadia’s Yoav Yuhjtman and Roberto Pesant arranged the deal on behalf of the selling groups, and Brad Williamson of Berkadia secured a loan from Key Bank on behalf of Axonic.
Breezes at Palm-Aire, at 2801 North Course Drive, was built in 1987 and includes a pool and gym. It offers one- and two-bedroom units from 735 square feet to 1,120 square feet, according to the release.
Axonic Properties, led by Clayton DeGiacinto and Jonathan Shechtman, owns other properties in Florida, including BelAire Tower Apartments in Boca Raton, Casa Del Mar in West Palm Beach and The Marquis of Tampa, according to its website.
This is at least Axonic’s second South Florida fractured condo purchase this year. In January, it bought 170 units at a 310-unit complex at 10000 Northwest 45th Terrace in Doral for $37.3 million.
In other recent fractured condo deals, a partnership between KAR Properties and Fortune International Group last week bought 81 units of the 780-unit Reach and Rise condo towers at Brickell City Centre in Miami from Swire Properties, with plans to resell the units. And in March, Corinthian Real Estate bought 39 of the 44 units at Eden House in Hollywood for $5.8 million.
Last year, Infinity BH bought 229 out of the 368 units at the Lauderdale Lakes condo complex at at 2700 Northwest 39th Way for $26 million.