Axonic Partners has bought the Avalon Square Apartments in Bradenton for $8.5 million. Trading for $55,195 per unit, the 40 year old apartment complex on 14 Street West was 97 percent leased at the time of the sale. Axonic specializes in Class B and Class C apartment properties along Florida’s Gulf coast. Charlotte, North Carolina-based Capstone Apartment Partners brokered the sale on behalf the seller.
“Axonic plans to address outstanding deferred maintenance items and increase the number of amenities available to the tenant base,” Capstone broker Jad Richa said in a prepared statement. “The asset is well located near 14th Street West and Cortez Road, with close proximity to hundreds of retail and service providers.”
