BY MATT M. JOHNSON via Bradenton Herald
BRADENTON — Perhaps giving an indicator of how hot the local multi-family market is, a New York company that bought the Avalon Square Apartments in October has flipped it for a $1.3 million profit.
Axonic Capital sold the 154-unit property on Feb. 8 for $9.8 million to a Los Angeles buyer who is already well-invested in the Manatee County apartment market.
The 3506 14th Street E. complex has bounced from owner to owner for the past few years, selling out of foreclosure in 2011 for less than half the $8.5 million Axonic paid last year. The complex is composed of 16 two-story buildings situated in a rectangle on 9.8 acres.
The new owner, Avalon Square Bradenton LLC, is a company managed by Chaim Freeman. The Los Angeles resident also heads a company that made the second-biggest multi-family property purchase in Manatee County last year. It purchased the Vista at Palma Sola Apartments, a 340-unit, multi-building complex on 75th Street West, for $43 million in December.
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