Newmark Knight Frank Closes $56.2 Million South Florida Multifamily Sale

Aug 13, 2020 No Comments by

Newmark Knight Frank (NKF) announced the $56.2 million sale of Visions at Willow Pond, a 300-unit garden-style community located in West Palm Beach.

The sale was led by NKF Executive Managing Director Tal Frydman, Vice Chairmen Avery Klann and Hampton Beebe and Directors Tyler Minix and Jonathan Senn.

The seller is Jonathan Shechtman of New York-based Axonic Properties. The buyer is Miami-based Bar Invest Group, led by Herve Barbera.

 

“After a competitive bidding process, Axonic Properties picked Bar Invest Group for their expertise in the market and strong capacity to close on all of their acquisitions,” said Frydman. He continued, “Axonic Properties did a fantastic job upgrading units and thus improving the asset’s rent roll.  Bar Invest Group intends to complete all renovations and make additional property upgrades.”

 

“Visions at Willow Pond is a perfect asset for our portfolio,” said Barbera. “We will optimize the property value through enhanced common areas and redesigned apartment interiors.”

 

Shechtman noted, “This property went under contract in February 2020 and we are excited to see this sale come to fruition during uncertain times. NKF did an excellent job throughout this execution.”

Built in 1987, Visions at Willow Pond consists of 17 two- and three-story buildings, featuring a mix of one- and two-bedroom units. The community features a recently renovated clubhouse, fitness center and swimming pool. Located at 4860 Sand Stone Lane, the property is two miles from Interstate 95 and adjacent to the Savannah Highway, providing direct access into downtown West Palm Beach, as well as the Palm Beach Outlets & Marketplace.

Earlier this year, the NKF South Florida team represented Bar Invest Group in the $58 million sale of Serramar Apartments in central Broward County.

According to NKF Research the multifamily asset class has been the top performing property type for rent collections since the onset of COVID. The performance of this property type in the Southeast region has outpaced the broader US multifamily market on both a short- and long-term basis as the region exhibits strong job growth, demographic tailwinds and a favorable regulatory environment.  Garden-style apartments in the Southeast have experienced superior outperformance compared to the overall market.

 

 

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Industry News, Multifamily, NA, Palm Beach County Multifamily
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