WEST PALM BEACH, FL– –Visions at Willow Pond, a 300-unit garden-style community, traded for $ 56.2 million. The seller is Jonathan Shechtman from Axonic Properties in New York. The buyer is the Miami-based Bar Invest Group, which is led by Herve Barbera.
The sale was led by Tal Frydman, Executive Managing Director of NKF, Vice Chairs Avery Klann and Hampton Beebe, and Directors Tyler Minix and Jonathan Senn.
"Following a competitive bidding process, Axonic Properties selected Bar Invest Group because of their expertise in the market and their strong ability to complete all acquisitions," said Frydman in Prepared Comments. “Axonic Properties did a fantastic job improving units and thereby increasing the rental value of the property. Bar Invest Group intends to complete all renovations and make additional property upgrades. "
The property was signed in February 2020, according to Shechtman.
Built in 1987, Visions at Willow Pond consists of 17 two and three story buildings with a mix of one and two bedroom units. The property is located at 4860 Sand Stone Lane.
Earlier this year, the NKF South Florida team represented Bar Invest Group in the sale of Serramar Apartments in central Broward County for $ 58 million.
According to NKF Research, the multi-family asset class has been the top performing property type for rental collections since the beginning of COVID. The performance of this type of property in the Southeast region has outperformed the broader US multi-family market in both the short and long term as the region has strong employment growth, demographic tailwinds and a favorable regulatory environment. According to NKF Research, garden-style apartments in the south-east have outperformed the market as a whole.