FORT LAUDERDALE, FL—Fractured condo sales are few and far between these days, but deals are still getting done. CBRE offers the latest example: the sale of 74 of 150 luxury condo units at Paragon Plantation in Plantation, FL.
Falcon Carlyle sold the condos to Paragon Plantation Holdings for $9.35 million, or $126,351 per unit. The condos are located at 741-791 North Pine Island Road.
The CBRE Capital Markets, Investment Properties, Multifamily team involved in the sale included Calum Weaver, Richard Tarquinio, Perry Synanidis, and Elizabeth Rogerio. Christopher Apone of CBRE Debt & Structured Finance collaborated in representing the seller.
“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,” says Tarquinio, a senior vice president at CBRE. “The investor intends to continue leasing for two years and then start a sell off of individual units.”
Built in 1997, Paragon Plantation has five three-story garden-style buildings featuring a total of 150 units. Paragon Plantation has a strong historical operating history with occupancy near or at 100%.
“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,” says Scott Bennett, COO of Falcon. “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.”
Paragon Plantation's central location offers access to major thoroughfares and employment markets. The asset is surrounded by over 9 million square feet of office and industrial space in the immediate area and over 71,000 jobs within three miles. The property is also less than 3.5 miles from the South Florida Education Center and its consortium of five universities.
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