Bar Invest Group Buys West Palm Beach Apartment for $56M
The seller of the 300-unit building is Jonathan Shechtman of New York-based Axonic Properties.
WEST PALM BEACH, FL—Visions at Willow Pond, a 300-unit garden-style community located here, has traded for $56.2 million. The seller is Jonathan Shechtman of New York-based Axonic Properties. The buyer is Miami-based Bar Invest Group, led by Herve Barbera.
The sale was led by NKF Executive Managing Director Tal Frydman, Vice Chairmen Avery Klann and Hampton Beebe and Directors Tyler Minix and Jonathan Senn.
“After a competitive bidding process, Axonic Properties picked Bar Invest Group for their expertise in the market and strong capacity to close on all of their acquisitions,” said Frydman in prepared remarks. “Axonic Properties did a fantastic job upgrading units and thus improving the asset’s rent roll. Bar Invest Group intends to complete all renovations and make additional property upgrades.”
The property went under contract in February 2020, according to Shechtman.
Built in 1987, Visions at Willow Pond consists of 17 two- and three-story buildings, featuring 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 $58 million sale of Serramar Apartments in central Broward County.
According to NKF Research the multifamily asset class has been the top performing property type for rent collections since the onset of COVID. The performance of this property type in the Southeast region has outpaced the broader US multifamily market on both a short- and long-term basis as the region exhibits strong job growth, demographic tailwinds and a favorable regulatory environment. Garden-style apartments in the Southeast have experienced superior outperformance compared to the overall market, NKF Research finds.