The Real Deal Miami

74 units at Paragon Plantation sell for $9M

Investor to lease units for two years before selling individual units
December 17, 2014 12:45PM

Courtesy of CBRE

The deal was arranged by CBRE.

Nearly half of the condominium units at Paragon Plantation were sold for $9.35 million in a fractured condo sale.

The deal, arranged by CBRE, netted Falcon Carlyle LLC $126,351 per unit on 74 of the 150 condos at Paragon Plantation, according to a press release.

The buyer of the development at 741-791 North Pine Island Road was Paragon Plantation Holdings LLC.

Richard Tarquinio, a senior vice president at CBRE Capital Markets, said in the release that “the price per unit was well below the individual sales occurring in the community today.”

He said the buyer “intends to continue leasing for two years and then start a sell-off of individual units.”

Paragon Plantations was built in 1997 and consists of five three-story garden-style buildings. — William J. Gorta