1 South Pine Island Road (Newmark)
KPC Properties bought a Plantation apartment complex for $46 million.
The Fort Lauderdale-based group purchased Axis at One Pine at 1 South Pine Island Road from Pensam Capital, according to Tal Frydman, one of the deal brokers.
Frydman worked with Avery Klann, both of Newmark, to complete the sale.
The five-story complex has 209 units and more than 228,275 square feet, according to a press release from Newmark. The deal is worth $220,096 per unit.
Axis at One Pine was built in 1980 on 9 acres, according to property records. Miami-based Pensam Capital, through an affiliate, bought the resort in 2015 for $31.5 million.
Amenities at Axis at One Pine include a 24-hour gym with an outdoor yoga deck, a poolside clubhouse and cabana lounge, laundry facilities, and a picnic area with barbecue, according to the press release. The apartments have recently undergone interior renovations.
The property is 95% leased, Frydman said.
KPC Properties is managed by property investor Krishna Persaud. Another group he also manages bought the Golf Villas at the Sabal Palm residential complex in Tamarac for $16.3 million in 2015. Records show that Persaud’s group still owns the complex.
The Axis at One Pine deal comes amid a flurry of multi-family investment in South Florida. In the first half of this year, sales volume increased more than 143% over last year, Newmark’s Hampton Beebe said in the statement.
In another recent Broward County deal, James and Marta Batmasian’s Investments Limited purchased a Deerfield Beach apartment complex at 1100 South Military Trail for $46 million.
Investment appetite has been particularly healthy in the southeastern and southwestern United States. Volume in these regions accounted for 54.7% of overall multifamily investment in the past 12 months, up from 49.5% in the previous 12 months, according to Newmark research cited in the release.
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