Investment Group Buys Over 100 Condos in Palm Aire Community
Axonic Properties will own over half of the units in the Pompano Beach condominium
A property and investment management company from New York now owns over half the units at the Breezes at Palm Aire in Pompano Beach. Axonic Properties, LLC purchased 153 of 288 units at the property with plans to rent out the units. The company spent $25.4 million to secure the condos, which averages $166,000 per condo.
“We are excited to expand our footprint in Southeast Florida,” says Jonathan Shechtman, managing principal of Axonic.
Earlier this year, Axonic purchased 170 units at a 310-unit complex in Doral for $37.3 million, which continues the bulk buying trend real estate investment firms have been undergoing in South Florida.
Built in 1987, Breezes at Palm Aire, at 2801 North Course Drive, offers one- and two-bedroom units from 735 square feet to 1,120 square feet. The properties also feature a community pool and gym.
The average home value in the Palm Aire community is $195,586, an 8.2% increase over the last year, according to Zillow.