Axonic Properties Sells St. Petersburg Residential Asset
- Feb 17, 2020
Axonic Properties has sold The Madeira, a 138-unit community in St. Petersburg, Fla. GPK Holdings purchased the Class B asset for $17.7 million.
Yardi Matrix data shows the sale was also subject to a $12.7 million Freddie Mac loan from CBRE Capital Markets, due to mature in 2027. CBRE assisted both parties in the transaction.
Completed in 1972, the nine-building community occupies almost 3 acres at 7533 38th Ave. N. The one- to three-bedroom units range from 600 to 1,100 square feet. Amenities include a swimming pool and laundry facilities, as well as 300 parking spaces. The community is nine miles northwest of downtown St. Petersburg, close to U.S. Route 19 and Gulf Coast beaches.
According to Yardi Matrix information, Axonic acquired The Madeira in 2016, in a $41.3 million portfolio transaction encompassing 689 units in three Florida communities. The company invested nearly $2 million in capital improvements at the property that was 89.9 percent occupied as of January.
CBRE’s Francesco Carriera and Michael Regan represented both parties in the deal. The brokerage team was also involved in the $15.8 million sale of another Axonic property in March, a 126-unit community in Temple Terrace, Fla.