facebook
Traded Co logo
Submit

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

Property Image
SOLD
$55,460,000

Florida

See Similar Deals
MultiFamily312,260 SF
Sold 10/15/2024
the dealplayerscompscontact
Property Image
SOLD

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

800 The Pointe Drive

See Similar Deals
MultiFamily312,260 SF
Sold 10/15/2024
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$177
Total Square Footage:312,260 SF
Transaction Type:Sale

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.

Players

Hampton Beebe
Newmark
Hampton Beebe
19 deals$1.2B volume(561) 210-4129
BROKER

Details

SOLD
IMAGE: Brian Kennedy, Jonathan Shechtman & Hampton Beebe DATE: 10/15/2024 ADDRESS: 800 The Pointe Drive MARKET: West Palm Beach ASSET TYPE: Multifamily BUYER: Integra Investments (@Integrafl) SELLER: Jonathan Shechtman (@Shecdog) & Brian Kennedy - Axonic Properties SELLER'S REP: Hampton Beebe (@Ahbb3) - Newmark (@Newmark) SALE PRICE: $55,460,000 UNITS: 317 ~ PPU: $174,952 SF: 312,260 ~ PPSF: $177 NOTE FROM SELLER: Axonic Properties, led by Jonathan Shechtman & Brian Kennedy initially purchased 87 out of 317 condominium units at Monaco Isles (previously named Paradise Cove Condominiums) in May 2019 for $8,500,000. Axonic subsequently purchased all 230 outstanding units in 188 separate transactions throughout the hold period for a total purchase price of $31,137,665 for the 230 condos. With the additional 230 units purchased, Axonic achieved the business plan of reaching 100% ownership of the community and collapsed the condominium association in February 2023. On October 15th Axonic sold Monaco Isles to Integra Investments. Hampton Beebe from Newmark was the broker in the transaction. Axonic Properties LLC is a privately owned real estate investment company headquartered in New York City. The firm is led by Jonathan Shechtman & Brian Kennedy. Since its inception in 2012, LLC has raised and deployed six closed-end private equity funds with total transactions of approximately two billion dollars. Axonic Properties LLC was formerly part of the structured credit hedge fund Axonic Capital LLC from 2012-2016.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,957,866.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$197,037.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$262,908.69
Annual Debt Service$3,154,904.33