Tampa Bay condominiums trade to new owner
JLL Capital Markets arranged the sale of 246 condominium units within Palmera Pointe in Tampa, Florida
TAMPA, Feb. 7, 2024 – JLL Capital Markets announced today that it has closed the sale of 246 condominium units out of the 361 total units within Palmera Pointe, a garden-style community located in Tampa, Florida.
JLL represented the seller, Luna Partnership One, LLP, and Axonic Properties, LLC run by Jonathan Shechtman acquired the asset.
Built in 1974, the two- and three-story property features some of the largest floorplans in the Tampa market, averaging 1,109 square feet. The unit mix consists of townhome-style units and four-bedroom units, and community amenities include three pools, a fitness center, a large clubhouse for hosting parties and a recently installed playground.
Located at 7417 Palmera Pointe Circle, the property sits adjacent to the Westshore Business District, Tampa Bay’s largest employment market and the region’s most prominent retail destination.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Zach Nolan and Director Drew Jennewein.
“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,” said Nolan. “Despite recent headwinds, Tampa’s strong growth fundamentals continue to attract both institutional and private capital looking to capitalize on these trends.”
“We are excited to grow our presence in the Tampa market,” said Jonathan Shechtman, Managing Principal Axonic Properties.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Axonic Properties
Axonic Properties LLC is a New York-based real estate private equity firm with core competencies in the acquisition, asset management and disposition of residential real estate, inclusive of single family homes, multifamily apartments, condominiums and student housing assets. Since inception, Axonic Properties LLC has raised and deployed six closed-end private equity funds with over $550 million of equity capital. Axonic Properties is run by managing principal Jonathan Shechtman, principal Brian Kennedy and owner Clay DeGiacinto, the founder of Axonic Capital.