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Invitation Homes Acquires Multifamily In Fort Pierce From Axonic Properties For $12.5M

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SOLD
$12,500,000

Florida

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MultiFamily70,755 SF
Sold 06/25/2024
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Property Image
SOLD

Invitation Homes Acquires Multifamily In Fort Pierce From Axonic Properties For $12.5M

125 Carol Susan Lane

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MultiFamily70,755 SF
Sold 06/25/2024
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$176
Total Square Footage:70,755 SF
Transaction Type:Sale

The multifamily property located at 125 Carol Susan Ln in Fort Pierce was sold for $12,500,000. The property consists of 53 units with a price per unit of $235,849. It spans 70,755 square feet, equating to a price per square foot of $177.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $12,500,000
  • Buyer: Invitation Homes
  • Seller: Ben Platt, Jonathan Shechtman & Brian Kennedy - Axonic Properties
  • Seller's Representative: Sean Shahar Ziv - GLT Group
  • Units: 53
  • Square Footage: 70,755

Invitation Homes acquired 53 units within the townhome community from the sellers. Axonic Properties, led by Jonathan Shechtman and Brian Kennedy, had previously purchased 47 units and 30 lots in the same community. GLT Group represented Axonic Properties in this transaction.

Players

Sean Shahar Ziv
Sean Shahar Ziv
4 deals$71.6M volume
BROKER

Details

SOLD
IMAGE: Sean Shahar Ziv, Brian Kennedy, Jonathan Shechtman & Ben Platt DATE: 06/25/2024 ADDRESS: 125 Carol Susan Ln MARKET: Fort Pierce ASSET TYPE: Multifamily BUYER: Invitation Homes SELLER: Ben Platt, Jonathan Shechtman & Brian Kennedy - Axonic Properties SELLER'S REP: Sean Shahar Ziv - GLT Group SALE PRICE: $12,500,000 UNITS: 53 ~ PPU: $235,849 SF: 70,755 ~ PPSF: $177 NOTE FROM SELLER: Invitation Homes purchased 53 of 62 units in a fractured townhome community. The sale included 30 developable lots. Strawberry Fields was built in 2006 and each townhome spans 1,335 square feet with an attached garage. All floorplans are 3x2.5. Axonic Properties purchased 47 units and 30 lots in July of 2021 for $7.10 mm and was able to purchase an additional six units during their hold period for 85.48% ownership in the community. GLT Group represented the seller, New York based Axonic Properties. Axonic Properties LLC is a privately owned real estate investment company headquartered in New York City, led by Jonathan Shechtman and Brian Kennedy. Since its inception in 2012, Axonic Properties has owned and operated a diversified portfolio of more than $1.6 billion of residential assets in Florida and Texas.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

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