LA firm buys former condo building near Boca Raton for $43M

Axonic Properties sold the apartment complex

Axonic Properties' Jonathan Shectman and 22511 Southwest 66th Avenue (Axonic Properties, Google Maps)
Axonic Properties' Jonathan Shectman and 22511 Southwest 66th Avenue (Axonic Properties, Google Maps)

UPDATED, Oct. 29, 12:35 p.m.: A former fractured condo near Boca Raton that was assembled and converted into apartments sold to a California firm for $43 million.

An affiliate of New York-based Axonic Properties, led by Jonathan Shechtman, sold BelAire Tower Apartments at 22511 Southwest 66th Avenue.

The affiliate, Florida Condo I LLC, bought 97 units in September 2018 for $12.9 million, Shechtman said.

We completed our business plan and sold when the market was favorable,” said Shechtman, managing principal, regarding the BelAire deal.

The multifamily market in South Florida has been on fire, with landlords raising rents, occupancy rising and a number of major institutional sales closing this year.

Axonic assembled the 184-unit apartment complex, which was built in 1973, and terminated the condominium earlier this year.

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An affiliate of Vista Pacific, a Los Angeles-based commercial real estate firm, bought the property through its subsidiary for nearly $234,000 per unit. The company, 22573 SW 66th Ave FL LLC, financed the purchase with a $37.3 million loan from Greystone Servicing Co.

The deal represents the latest in a series of pricey property sales Axonic has been involved in.

In January, Axonic Properties paid $37.3 million in a bulk purchase of 170 units of a 310-unit fractured Doral condo complex.

In May, it bought more than half of the condos at Breezes at Palm-Aire in Pompano Beach for $25.4 million for $166,000 per unit.

Last year, Axonic Properties sold Visions at Willow, at 4860 Sand Stone Lane, for $56.2 million, which it had acquired in 2018 for $48.5 million.

An earlier version of this story misstated when Axonic began assembling the units.