Finance Column Hub
Property Investments

Axonic Buys Lauderdale Lakes Rentals for $64M

From left: Axonic Properties’ Jonathan Shechtman and Clayton DeGiacinto; Integra Investments’ Nelson Stabile; the Bella Vista apartment complex at 3541 Northwest 30th Place in Lauderdale Lakes (Getty, Google Maps, Axonic Properties, Integra Investments)

From left: Axonic Properties’ Jonathan Shechtman and Clayton DeGiacinto; Integra Investments’ Nelson Stabile; the Bella Vista apartment complex at 3541 Northwest 30th Place in Lauderdale Lakes (Getty, Google Maps, Axonic Properties, Integra Investments)

Axonic Properties has set its sights on Broward County.

The New York-based residential real estate investment firm scooped up the Bella Vista apartment complex in Lauderdale Lakes for $63.6 million, according to records. Axonic borrowed $45.6 million from KeyBank to finance the purchase.

Seller Integra Investments developed the community at 3541 Northwest 30th Place as part of a larger Lauderdale Lakes project that included townhouses.

The 315-unit Bella Vista was completed in 2020 across 7.8 acres, property records show.

The deal breaks down to $202,000 per apartment.

More recently, Miami-based Integra has embarked on a couple of projects in Miami-Dade County. It has partnered with Jorge and Jon Paul Pérez’s Related Group on the St. Regis Residences Miami at 1809 Brickell Avenue.

In Miami Beach, Integra has joined forces with Sternlicht’s Starwood and Comras’ Comras Company on plans for a pair of office buildings with retail and parking at 1680 Lenox Avenue and 1080 Lincoln Lane North. The project planned for city-owned land requires voter approval at a Nov. 8 referendum.

Integra is led by Nelson Stabile, Paulo Tavares de Melo and Victor Ballestas.

Axonic, led by Jonathan Shechtman and Clayton DeGiacinto, has a history of South Florida investments. Last year, it paid $37.3 million for a bulk condo purchase of 170 of the units at the 310-unit Valencia at Doral at 10000 Northwest 45th Terrace.

Also last year, Axonic sold the BelAire Tower Apartments at 22511 Southwest 66th Avenue near Boca Raton for $43 million.

Axonic isn’t the only one betting on Broward’s suburban multifamily market.

Covenant Capital Group bought the Blue Isle apartment complex at 5100 West Sample Road in Margate for $60.1 million in October.

Source link

Related posts

East Jefferson property transfers for Aug. 19-25, 2022. See a list of home and other sales | Home/Garden

J Howdo

Post-covid housing prices surge, sales swell in the second quarter of FY23

J Howdo

Eagle Property Capital and Belay Investment Group Announce Disposition of Dallas-Fort Worth Multifamily Asset

J Howdo

Leave a Comment