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ntegra Investments has acquired a 317-unit apartment complex in West Palm Beach from Axonic Properties for $55.5 million, marking a significant deal in an otherwise sluggish multifamily investment market. The Miami-based firm purchased Monaco Isles at 800 The Pointe Drive with the help of a $41 million Freddie Mac loan originated by KeyBank Real Estate Capital. Hampton Beebe of Newmark represented the seller.

    The property, completed in 1987, consists of 26 two-story buildings and a clubhouse on an 18.2-acre site. Monaco Isles offers one- and two-bedroom apartments with monthly rents ranging from $1,575 to $2,205. Axonic Properties had previously converted the complex from condominiums to apartments through several bulk unit deals.

    Axonic Managing Principal Jonathan Shechtman said the firm paid $8.5 million for 87 units in 2019 and subsequently acquired the balance of the units over several years. The property was folded into a single entity last year, marking Axonic's latest move in its real estate portfolio.

    Integra Investments is also partnering with Related Group on the development of the St. Regis Residences condo tower at 1809 Brickell Avenue in Miami's Brickell. The pair secured $527 million in construction financing for the project last month. In another deal, Integra completed the Boca Beach Residences condo project at 725 South Ocean Boulevard in Boca Raton with Key International and Wexford Real Estate Investors.

    South Florida's multifamily market has slowed down due to tempered demand and elevated interest rates. Despite this, several recent deals have been announced, including Dermot Company's $144.2 million purchase of The Quaye at Wellington complex and Kushner Companies' under-contract purchase of the Hamilton apartment building in Miami's Edgewater for $190 million.