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.
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.