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Hedge fund buys Holden Avenue apartment complex with renovation plans

Axonic Capital LLC, a New York-based hedge fund, bought a 46-year-old Holden Avenue apartment complex for $7.4 million this week with plans for "substantial" renovations, a lead executive with the group told GrowthSpotter.

Jonathan Shechtman, the fund's portfolio manager and head of residential strategies, said Thursday he does not have contractors lined up yet for the work. He could not offer detail on the types of renovation work expected.

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Axonic affiliate Perennial Apartments Orlando LLC bought Royal Springs Apartments at 1701 Holden Avenue on April 15. The buyer took a $6.4 million loan from KeyBank.

Located at 1701 Holden Ave., a view of Holden Heights apartments.
Located at 1701 Holden Ave., a view of Holden Heights apartments. (Orange County Property Appraiser)

GA Royal Springs LLC, with connections to Arbor Realty Trust, was the seller.

The 13.26-acre complex, which sits on Lake Buchannan, has 151 units in five buildings. It was built in 1970 and was last sold for $3.5 million in 2005, according to the Orange County records.

A woman who identified herself as the manager of the complex said Thursday she expects the new owners to visit within the next couple of weeks and decide what improvements to make. The property is managed by Atlanta-based Tribridge Residential.

Royal Springs offers one-, two- and three-bedroom units, with vacancies priced online in the $600-$800 range, indicative of affordable housing.

Have a tip about Central Florida development? Contact me at teresaburney4@gmail.com, or 352-455-1955. Follow GrowthSpotter on Facebook,Twitter and LinkedIn.

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