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San Marco Apartments Trades in $29M Deal

MIAMI-Locally based Catalina Holdings LLC paid $104,000 per unit to a limited partnership based in West Palm Beach for the 275-unit property. The 33-year-old property sold at a 10.1% capitalization rate.

By Melissa Bogdany | Updated on September 24, 2004

MIAMI-In yet another South Florida multifamily transaction, the San Marco Apartments here has sold for $28.6 million, or $104,000 per unit. The sales price equates to $105 per sf. Locally based Catalina Holdings LLC purchased the property from a limited partnership based in West Palm Beach. The 275-unit property sold with a nearly 10.1% market capitalization rate.

San Marco Apartments, located at 8842 Fontainebleau Blvd., was built in 1971. It consists of 243,320 rentable sf. The unit mix includes 99 one-bedroom and 176 two-bedroom apartments. The apartments, which range in size from 680 sf to 1,000 sf, rent for between $775 and $1,015 per month.

Among recent multifamily property sales of more than $10 million in Southeast Florida, the per-unit price of San Marco Apartments is less than the average; however, the price is close to the state average. The average price per unit in the area rose to $145,090, while the state average is $107,385, states a recent report by Madison-LaPaul in Miami. The South Florida average was given a boost by strong activity among condominium converters.

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