Axonic Properties buys Viera of the Palm Beaches for $48.5m

An affiliate of Axonic Properties bought an apartment complex in West Palm Beach, Florida, for $48.5m. Berkadia worked on behalf of the buyer and seller, a joint venture between Angelo Gordon and McDowell Properties. The seller bought the asset in 2016 for $36.4m. Viera of the Palm Beaches, a 17-building garden-style complex features one- and two-bedroom units with an average unit size of 855 sq ft. Community amenities include a newly renovated clubhouse, fitness center, swimming pool and trails for jogging, biking and hiking. “With a recent influx of new construction built in the last few years, the pace of demand signals a strong multifamily market ahead, thanks to a rise in job growth and median household income. Recognizing this pace, the seller began a second round of unit upgrades commanding over $120 in rent premium that will be completed by the buyer,” said Tal Frydman, senior director at Berkadia.