DGE Investments Purchases 247 Units At Breezes At Palm Aire From Axonic Properties

The property asset involved in the transaction is Breezes at Palm Aire, located at 2801 North Course Drive in the Pompano Beach market. This multifamily property comprises 247 units out of a total of 288 in a fractured condo community, with a total square footage of 249,827. Built in 1986 and situated on 17 acres, the apartments average 1,012 square feet, featuring one and two bedroom units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: Not specified
• Units: 247
• Square Footage: 249,827
• Address: 2801 North Course Drive
• Market: Pompano Beach
• Buyer: DGE Investments
• Seller: Jonathan Shechtman, Brian Kennedy & Ben Platt - Axonic Properties
• Broker: Yoav Yuhtman - Berkadia
• Closing Date: 08/29/2024
• Year Built: 1986
• Average Apartment Size: 1,012 SF

Axonic Properties, represented by Berkadia and led by Jonathan Shechtman and Brian Kennedy, previously acquired 153 units in May of 2021 for $25.4 million and further purchased an additional 94 units, attaining 85.80% ownership in the community. The company implemented rent increases by an annualized rate of 16.8%, amounting to an increase of $818 over 3.27 years. Axonic Properties LLC is involved in residential real estate asset management in Florida and Texas, having raised and deployed six closed-end private equity funds totaling approximately two billion dollars since its inception in 2012.