“Due to the high prices in Dade and Broward counties, the West Palm market continues to be attractive to investors, which has allowed us to successfully close just under $60 million in deals this year in the area,” Frydman tells GlobeSt.com. “With the transaction for Palm Hill Apartments, we were able to effectively manage the HOA and work around the complications that a fractured condo deal often poses. This is Axonic Properties' first South Florida multifamily property transaction, as they own additional fractured condo deals around the state.”

The Palm Beach County multifamily market remains strong with the average rent increasing by 5.5% in the third quarter, checking in at $1,545, according to Berkadia's market research. Despite a net of 1,832 unit move-outs in the third quarter of 2016, rental demand is anticipated to be brisk during the last three months of the year. Nearly 1,730 units are expected to be absorbed in the fourth quarter.

“Panamanian-based FC Palm Hill purchased the property during the downturn and were able to turn it round to a fully stabilized asset,” says Yuhjtman. “Given the current market conditions, the group decided it was the right time for them to capitalize on South Florida's strong market.”

Located at 5101 Palm Hill Drive, Palm Hill Apartments offers one- and two-bedroom units. Ranging from 475 to 725 square feet, the residences feature fully equipped kitchens, high-speed Internet access and central air conditioning. The building includes two swimming pools, a tennis court, a basketball court and two laundry facilities.

Marcus & Millichap is reporting rising investor demand across Florida. Check out my recent column.

MIAMI—Palm Hill Apartments, a 224-unit multifamily property in West Palm Beach, FL, has traded hands. The fractured condo, which are increasingly rare in today's market, sold for $13.75 million.

Axonic Properties of New York acquired the asset from FC Palm Hill of Miami for $86.40 per square foot. The fractured condo deal with included 224 of the 385 units with 93% occupied at the time of sale.

“This well-located asset presents a great opportunity to own property in Palm Beach County, where we have previously owned hundreds of single-family homes,” says Jonathan Shechtman, portfolio manager at Axonic. “We are planning significant unit and property upgrades as well.”

Berkadia senior director Tal Frydman and directors Yoav Yuhjtman and Fernando Polanco of the firm's South Florida office brokered the sale. This is the firm's third transaction in West Palm Beach so far this year, including the $7.8 million sale of Royal Poinciana and the $36.35 million sale of Viera Palm Beach.

“Due to the high prices in Dade and Broward counties, the West Palm market continues to be attractive to investors, which has allowed us to successfully close just under $60 million in deals this year in the area,” Frydman tells GlobeSt.com. “With the transaction for Palm Hill Apartments, we were able to effectively manage the HOA and work around the complications that a fractured condo deal often poses. This is Axonic Properties' first South Florida multifamily property transaction, as they own additional fractured condo deals around the state.”

The Palm Beach County multifamily market remains strong with the average rent increasing by 5.5% in the third quarter, checking in at $1,545, according to Berkadia's market research. Despite a net of 1,832 unit move-outs in the third quarter of 2016, rental demand is anticipated to be brisk during the last three months of the year. Nearly 1,730 units are expected to be absorbed in the fourth quarter.

“Panamanian-based FC Palm Hill purchased the property during the downturn and were able to turn it round to a fully stabilized asset,” says Yuhjtman. “Given the current market conditions, the group decided it was the right time for them to capitalize on South Florida's strong market.”

Located at 5101 Palm Hill Drive, Palm Hill Apartments offers one- and two-bedroom units. Ranging from 475 to 725 square feet, the residences feature fully equipped kitchens, high-speed Internet access and central air conditioning. The building includes two swimming pools, a tennis court, a basketball court and two laundry facilities.

Marcus & Millichap is reporting rising investor demand across Florida. Check out my recent column.