Integra Investments, a Miami-based real estate company, recently acquired the Monaco Isles apartment complex in West Palm Beach for $55.4 million. The property was previously owned by Axonic Properties and consists of 317 apartments located at 800 The Pointe Drive.
The acquisition was made possible with the help of Keybank, who provided a $41 million loan to Integra that will mature on November 1st, 2029. This equates to a price of $174,952 per unit.
Monaco Isles spans over an area of 18.2 acres and features amenities such as a pool, jacuzzi, fitness center,
clubhouse business center playground picnic area and dog park.
Built in1987 along a lakefront location totaling302217 square feet,the community offers units ranging from790to1174 square feet with prices starting at$1575and going up to$2205.
According to Integra Investments’ portfolio strategy,the company invests across various asset classes including mixed-use developments,residential condos,and hotels.Since its establishment in2012,Axonic Properties has successfully operateda diverse portfolio worth more than$1.6 billionin residential assets.The recent acquisition adds another valuable additionto their growing listof propertiesin Florida’s thriving real estate market.
