Integra Investments Purchases Monaco Isles Multifamily Property For $55.46 Million From Axonic Properties

The property asset involved in the transaction is a multifamily asset located at 800 The Pointe Drive in West Palm Beach. The property encompasses 317 units within a total square footage of 312,260. The transaction was completed with a sale price of $55,460,000, which reflects a per-unit price of $174,952 and a price per square foot of $177.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $55,460,000
• Units: 317
• Square Footage: 312,260
• Price Per Unit: $174,952
• Price Per Square Foot: $177
• Buyer: Integra Investments
• Seller: Jonathan Shechtman & Brian Kennedy - Axonic Properties
• Seller's Representative: Hampton Beebe - Newmark
• Market: West Palm Beach

The deal was executed by Integra Investments acquiring the property from Axonic Properties, represented by their brokers Jonathan Shechtman and Brian Kennedy. The seller's representative for this transaction was Hampton Beebe of Newmark. Notably, Axonic Properties had previously acquired a total of 317 condominium units in multiple transactions since May 2019, ultimately dissolving the condominium association in February 2023 before completing this sale.