Fairfield sells Margate apartment complex to NY firm for $36M

The apartment builder sold the community for $180psf — an increase in value of 35% in four years

Miami /
Jul.July 24, 2017 02:45 PM

Fairfield Residential just sold one of its rental complexes in Margate for $36.4 million, property records show.

The 208-apartment community called The Fairways of Carolina Apartments, at 2701 North Rock Island Road, traded for $175,000 per unit.

The buyers are two companies called We Fairways of Carolina Owner and Northlake Fairways of Carolina Owner, which are both controlled by Jeffrey Weiskopf of Monsey, New York-based White Eagle Property Group. The ownership was split so Northlake Fairways has 64 percent control and the remaining 36 percent belongs to We Fairways.

Records show San Diego-based Fairfield Residential bought the nearly 203,000-square-foot complex four years ago for $27 million. The apartment builder sold the community for $180 per square foot — an increase in value of about 35 percent.

White Eagle made a similar trade with Fairfield Residential for an apartment complex called Midora at Woodmont in Tamarac last year, that it bought for $27.2 million.

“We have a good relationship between the firms, and with a deal around this size it makes the trading process smoother,” Weiskopf said. Records show Weiskopf financed the deal with a $29 million loan from Capital One Multifamily Finance, with plans to renovate the clubhouse.

Weiskopf said the community traded 95 percent leased, adding that CBRE represented the sale.

Built in 1994, the community sits on about 11 acres of land. Monthly rents at the complex range from $1,210 for a one-bedroom apartment to $2,665 for a three-bedroom pad. Amenities include a fitness center, playground, community pool and tennis court. Apartments come with a washer and dryer, vaulted ceilings on upper levels, and ceramic-tiled kitchens, according to Apartments.com.

Last year Fairfield sold another similarly sized Deerfield Beach apartment complex to the Scully Company for $36.5 million, or about $182,500 per unit.

White Eagle is an investment firm that buys apartment communities at or below market value, according to its website. Its current portfolio has about 8,000 units nationwide.


Related Articles

arrow_forward_ios
South Florida contracts increase through the end of 2020. (Getty)
Signed resi contracts up in South Florida in December
Signed resi contracts up in South Florida in December
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
500 Oleander Drive (Douglas Elliman)
Canadian entertainment agency CEO pays record $5M for Hallandale Beach home
Canadian entertainment agency CEO pays record $5M for Hallandale Beach home
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Palm Beach (iStock)
South Florida resi contracts continue growing in November, with Palm Beach in the lead
South Florida resi contracts continue growing in November, with Palm Beach in the lead
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
(iStock)
South Florida October construction starts drop, year-over-year
South Florida October construction starts drop, year-over-year
Jim Carr and Armando Codina, with a rendering of a home
CC Homes launches sales of luxury homes in Southwest Ranches
CC Homes launches sales of luxury homes in Southwest Ranches
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...