Fractured condos in Tampa sell for $37.5 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 5, 2024

The majority of units in a fractured condominium near Tampa's Westshore business district has sold for $37.5 million.

An entity linked to New York-based Axonic Properties LLC closed on 246 units in Palmera Pointe on Jan. 31 according to Hillsborough County property records. Palmera Pointe is a garden-style condominium complex in Town 'N' Country; it was built in 1974. Boston-based Santander Bank provided two mortgages totaling $32.3 million, property records show.

“We are excited to grow our presence in the Tampa market,” Jonathan Shechtman, Axonic Properties managing principal, said in a statement.

A fractured condo is a multifamily property in which some units are individually owned, but the majority are operated as rentals under one ownership.

JLL's capital markets advisory sales team, led by Zach Nolan and Drew Jennewein, represented the seller, Luna Partnership One LLP, in the transaction.

“This transaction played out through the volatility in the capital markets and insurance market, and the remarkable level of buyer interest we received for this asset speaks to Tampa’s standing as a top target market for investors,” Nolan said in a statement. “Despite recent headwinds, Tampa’s strong growth fundamentals continue to attract both institutional and private capital looking to capitalize on these trends.”

The average unit size in Palmera Pointe is 1,109 square feet. It has four-bedroom floorplans and townhouse- and condo-style units. On-site amenities include three pools, a fitness center, a clubhouse and recently installed playground.