The Real Deal Miami

252 units in Marquesa Apartments sell for $38.5M

Affiliate of Fortune Capital Management Service pays $142,063 per unit
December 29, 2014 03:48PM

Prices grew 2 percent in Palm Beach County in October.

Coral Gables-based FCP Marquesa bought 252 condominium units at the garden-style Marquesa Apartments for $38.5 million, according to a published report.

The purchaser of the units at Pines Boulevard and Southwest 118th Avenue near the Pembroke Lakes Mall is an affiliate of Fortune Capital Management Services, which is run by Miguel Poyastro.

The units, built in 1999 and converted to condos in 2005, sold for an average of $142,063 per unit.

The deal was financed by Florida Community Bank with a $31 million mortgage, the South Florida Business Journal reported. Marquesa Associates and Pembroke Partners were the sellers. Both are affiliates of Stonebridge REIM, which is based in Washington, D.C.

Marquesa Associates bought 240 of the units for $28 million — $117,708 per unit — in 2012. Pembroke Partners bought the other 12 units individually, according to the report.

Marquesa Apartments has a total of 469 units.[South Florida Business Journal]William J. Gorta