The Real Deal Miami

Lauderhill townhomes sell out second phase

Prices averaged $168 per square foot
July 01, 2015 02:30PM

A rendering of Cassa at Georgetown

A rendering of Cassa at Georgetown

A revived townhome project in Lauderhill, dubbed Cassa at Georgetown, has sold off the last of its 118 units.

Most of the townhomes sold to foreign investors, who are renting the units to the local workforce, a spokesperson told The Real Deal. Rates range from $1,500 for a two-bedroom, two-bathroom home to $1,600 for a three-bedroom, two-bathroom.

Georgetown was developed by a joint venture between The Solutions Group and Paragon Group, both South Florida-based real estate firms.

The development was once intended to be a condo subdivision developed by Centerline Homes, but Compass Bank bought out the development site in 2010 for $7.4 million. TSG Paragon, as the venture is named, later bought the project and began building Cassa at Georgetown.

Now, the gated community at 3593 Northwest 13th Street has sold out all of its units. Preconstruction prices started at $185,000, and the sellout is valued at $30 million. — Sean Stewart-Muniz