Doral Fractured Condominium Sells for $37M
A New York-based investor made the value-add play betting on an upside as the complex just underwent renovations and Doral is expected to continue growing.
A fractured condominium property in growing Doral sold for $37.25 million.
New York-based value-add residential investor Axonic Properties LLC bought Valencia at Doral from Bay Harbor Islands-based private equity real estate investor Transcendent Investment Management.
The fractured condominium Valencia at Doral is comprised of 170 units out of a total of 310. The gated community is at the intersection of Northwest 102nd Avenue and 41st Street. The address is 10000 NW 45th Terrace.
The 1992-built community has one-, two- and three-bedroom units, and it’s run as a traditional apartment complex.
As a value-add investor, Axonic focuses on residential communities that offer an upside usually generated through property renovations that allow an increase of rents.
Valencia just underwent such a revamp and 75% of the units now have granite countertops, stainless steel appliances and vinyl flooring.
Some of the amenities are a gym, pools with cabanas, a sundeck, a tennis and racquetball court, a conference room, a clubhouse and a playground. It offers access to Doral Park Country Club.
Axonic has extensive holdings in Florida, including Casa Del Mar in West Palm Beach and 130 single-family houses throughout Palm Beach County, according to its website.
Jonathan Shechtman, Axonic managing principal, said in prepared remarks that Valencia’s amenities and big floor plans make it an attractive addition to the company’s portfolio.
JLL Capital Markets senior director Maurice Habif, directors Brian Gaswirth and Simon Banke, and analyst Jo Rousseau in Miami closed the deal on behalf of Transcendent.
Banke in a news release said the value-add potential also comes from Doral’s growth.
“Valencia at Doral represents a fantastic investment opportunity, combining an incredibly located suburban asset with significant value-add potential and an affluent demographic profile that jointly provide a clear path to driving value,” he said.
Doral is known for being a logistics hub with millions of square feet of industrial development, but in more recent years it’s grown its office supply as well, adding more than 18.8 million square feet of offices, according to JLL.
The city also has a healthy residential sector as Doral nearly tripled its population over the past decade, and an 11% population increase is expected through 2024.