Plantation, FL – December 17, 2014 – (RealEstateRama) — CBRE arranged the sale of 74 out of 150 luxury condominium units at Paragon Plantation at 741-791 N. Pine Island Road in Plantation, Florida. The assets were acquired from Falcon Carlyle, LLC, by Paragon Plantation Holdings, LLC, for $9.35 million, or $126, 351 per unit.
“We had a strong interest level from the investors because the price per unit was well below the individual sales occurring in the community today and the condo market has rebounded,” said Richard Tarquinio, Senior Vice President, CBRE Capital Markets, Investment Properties, Multifamily. “The investor intends to continue leasing for two years and then start a sell off of individual units.”
“When ownership began the process of considering a sale of the property, we were confident that we had a quality property to sell but we also knew that it would be a complicated transaction,” said Scott Bennett, Chief Operating Officer,
Falcon Real Estate Investment Management, Ltd. “That is why ownership chose to engage the highly seasoned multifamily team at CBRE. They brought a level of insight and professionalism to the deal that translated into more offers than expected.”
Built in 1997, Paragon Plantation consists of five three-story garden-style buildings featuring a total of 150 units with eight-foot ceilings and vaulted ceilings on the top floor. The 74 units average 1,255 square feet each and provide spacious floor plans: two units are one-bedroom/one-bath; two are two-bedroom/one-bath; two are two-bedroom/one-bath; 26 are two-bedroom/two-bath; and 12 are two-bedroom/two-and-a-half-bath. All units come with a full-size washer and dryer, private balconies, well-appointed kitchens, and community amenities that include a pool, clubhouse, fitness center, playground and gated entryway. Paragon Plantation has a strong historical operating history with occupancy near or at 100%.
Located within one of South Florida’s most desirable markets, Paragon Plantation’s central location boasts access to major thoroughfares and employment markets. The asset is surrounded by more than 9 million square feet of office and industrial space in the immediate area and more than 71,000 jobs within three miles. Additionally, the property is less than 3.5 miles from the South Florida Education Center and its consortium of five universities.
The CBRE Capital Markets, Investment Properties, Multifamily team involved in the sale included Mr. Weaver, Richard Tarquinio, Perry Synanidis and Elizabeth Rogerio; Christopher Apone of CBRE Debt & Structured Finance collaborated in representing the seller.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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