Axonic Properties Buys Pompano Beach Condo Block for $25M
New York-based real estate investment firm Axonic Properties paid $25.4 million for more than half of the apartments at a Pompano Beach residential complex.
The sale of 153 condo units at the Breezes at Palm-Aire closed today and equates to $166,000 per condo, according to information from brokerage Berkadia. KeyBank provided a $16 million loan to Axonic.
The Breezes, situated at 2801 North Course Drive, sits between the I-95 highway and the Florida Turnpike. The garden-style residential community contains a total of 288 condos and features one- and two-bedroom units ranging in size from 735 square feet to 1,120 square feet.
“We are excited to expand our footprint in Southeast Florida,” Jonathan Shechtman, managing principal of Axonic Properties, said in prepared remarks. Shechtman could not be reached for immediate comment.
Axonic’s portfolio includes residential properties across Florida, according to the company’s website. In January, the investment firm purchased 170 units at a Doral condo complex for $37.3 million, The Real Deal reported.
Berkadia’s Yoav Yuhjtman, Roberto Pesant and Jaret Turkell represented the buyer and the sellers, Jorge and Ruben Garcia-Sarraff. Another Berkadia representative, Brad Williamson, assisted in financing the loan.
Axonic’s move comes on the heel of other sizable acquisitions of multifamily homes this week. Related Group’s 392-unit Royal Palm Beach sold for $119 million, per TRD. Elan 16Forty, a 261-unit complex in Fort Lauderdale, went for $83.5 million, according to the South Florida Business Journal.