Berkadia announced the sale of 247 for-rent condominium units at Breezes at Palm-Aire, a 288-unit, garden-style condominium property located in Pompano Beach, Florida.
Breezes at Palm-Aire sold for an undisclosed price to DGE Investments on August 29. David Alkosser, owner of DGE Investments, is a professional real estate investor and operator with over 35 years of experience in acquiring, renovating, and managing a large portfolio of real estate investments across six states.
Senior Director Yoav Yuhjtman, along with Senior Managing Directors Roberto Pesant and Jaret Turkell, and Associate Director Omar Morales of Berkadia South Florida led the transaction on behalf of the seller, New York-based real estate investment firm Axonic Properties.
“Axonic Properties, led by Jonathan Shechtman and Brian Kennedy, has once again shown their tremendous experience in the fractured condo space. They have done a phenomenal job to unlock the community’s potential since their acquisition of the property,” said Yuhjtman. “This created a great opportunity for DGE Investments to enter the South Florida market with its first purchase and utilize their vast expertise to take the property to the next level.”
Berkadia also arranged Axonic’s 2021 purchase of 153 units at Breezes for $25.39 million. Since then, Axonic acquired 94 more condominium units, giving it control of 86 percent of the property, and completed an exterior and interior renovation program.
“After experiencing tremendous rent growth during our hold period of three years, we were pleased with Berkadia’s execution of this sale and their expertise in South Florida,” added Jonathan Shechtman, Managing Principal of Axonic Properties.
“The fundamentals and potential of South Florida have always been interesting to us,” said Alkosser. “We felt that the timing was right to make our first acquisition and look forward to growing our portfolio in this market.”
Built in 1987 and located at 2801 North Course Drive, Breezes at Palm-Aire features one- and two-bedroom units ranging from 735 square feet to 1,120 square feet, all with in-unit washer and dryer. Current community amenities include a pool and fitness center.
The property affords residents convenient access to a variety of entertainment, dining, office and retail space, hotels and casinos, including the planned 223-acre mixed-use development and casino “The Pomp.”
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
Axonic Properties LLC is a direct owner and operator of residential real estate assets in Florida and Texas. Axonic Properties is led by Jonathan Shechtman and Brian Kennedy. Since inception in 2012, Axonic Properties LLC has raised and deployed six closed-end private equity funds with total transactions of approximately two billion dollars.
