Bar Invest pays $56M for West Palm apartments

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August 14, 2020
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As reported in The Real Deal.

Miami real estate investment firm Bar Invest Group bought a 300-unit garden-style apartment community in West Palm Beach for $56.2 million.

The apartments, known as Visions at Willow, at 4860 Sand Stone Lane, include 17 two- and three-story buildings with a mix of one- to two-bedroom units, according to a press release.

The seller is Jonathan Shechtman of New York-based Axonic Properties, the real estate wing of investment firm Axonic Capital. Axonic bought the property for $48.5 million in 2018, records show. The community, which spans more than 14 acres, was built in 1987.

Bar Invest will take over renovation and property upgrades, according to the release.

In February, Bar Invest sold the Serramar Apartments in Fort Lauderdale for $58 million. The firm also paid $3 million for three office condos at Ofizzina, a luxury office building in Coral Gables.

Newmark Knight Frank research shows that multifamily properties are performing well for rent collections during the pandemic, especially in the Southeast, according to the release.

About 88 percent of tenants paid some rent through July 13, according to a national survey of market-rate units — only slightly lower than the 90.1 percent during the same period a year ago.

Axonic Capital and Apollo Global Management recently lent $359 million to Innovo Property Group for 24-02 49th Avenue in Long Island City.

Axonic Capital also joined four other investors in a project to upgrade buildings at Newark, New Jersey’s Gateway Center inside and out.