Axonic Properties purchases Valencia at Doral apartments for $37.25M
JLL Capital Markets closed the sale of the Miami-Dade County multi-housing property
JLL worked on behalf of the seller, Transcendent Investment Management, to complete the sale to the buyer, Axonic Properties.
Valencia at Doral is a fractured condominium totaling 170 of 310 units. The 170 units are made up of one-, two- and three-bedroom floorplans and are run as a traditional rental community. The property has undergone significant renovations with high-end finishes. About 75% of the units have undergone a full renovation including granite countertops, stainless steel appliances and vinyl flooring. Community amenities include a 24-hour fitness center; resort-style pools with cabanas, grilling and a sundeck; a tennis and racquetball court; 24-hour business center and conference room; clubhouse and entertainment room; children’s playground and provides access to the Doral Park Country Club.
The property is located at 10000 N.W. 45th Terrace in Doral, part of Miami-Dade County. Doral is one of the fastest-growing, larger cities in Florida, being named #2 on “America’s Top 25 Cities to Live in” list by Forbes and has recently undergone an office market boom with over 18.8 million square feet of office space. The city is also known for becoming a catalyst in the global trade, logistics, finance, television, pharmaceutical and healthcare industries, drawing interest from various Fortune 500 companies such as Pepsi and Univision. Additionally, Doral nearly tripled its population over the last decade with predictions pointing to an 11% increase through 2024, posing an excellent opportunity for multi-housing investment to keep up with its growth.
“We are excited to add Valencia at Doral to our holdings in southeast Florida,” said Jonathan Shechtman, Managing Principal Axonic Properties. “This property type is attractive in today’s market environment. The large floor plans and robust amenities make this an attractive rental option in a growing market.”
The JLL Capital Markets team representing the seller was led by Maurice Habif, Brain Gaswirth, Simon Banke and Jo Rousseau.
“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,” said Banke.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Transcendent Investment Management
Transcendent Investment Management (TIM) is a diversified private equity real estate investment firm and vertically integrated manager that focuses on the acquisition, development, and management of single-family homes and attached townhome rentals. TIM provides quality, new construction residences from national home builders that are competitively priced and support a healthy lifestyle to residents. TIM centers their investment strategy around scattered build-for-rent (BFR) newly constructed homes in new communities and purpose-built BFR of new homes highly-amenitized communities. Their newest division, Clean Living Health & Wellness, is a collection of communities that will feature technology, programming, and amenities designed to support health, well-being, and mindfulness for all residents.
About Axonic Properties
Axonic Properties LLC is a New York based investment advisor that manages private equity funds which invest directly in real estate. The company targets opportunistic investments in apartment complexes, single family homes, condominium units, commercial properties, land and non-performing notes.