Florida Crystals sells Margate rentals for $60M
240-unit complex sold for $251K per apartment
Florida Crystals’ real estate arm sold a rental community in Margate for $60.25 million.
FCI Residential, led by managing director Juan Porro, sold Toscana apartments at 3050 Toscana Lane West to AvalonBay Communities’ Avalon Toscana LLC.
The 240-unit, 276,412-square-foot property sold for $251,000 per apartment. Units range from 793-square-foot one-bedrooms to three-bedroom, 1,355-square-foot apartments. Amenities include a pool, gym, spa treatment rooms, business centers and a community playground.
Chris Conklin, managing director of investment sales at Walker & Dunlop, represented the seller.
The deal is likely the largest real estate transaction to close in Margate this year.
FCI paid $8.6 million in 2013 for the 10.4-acre site and developed the apartment complex in 2015. The property is near the Florida Turnpike, Sawgrass Expressway and other major highways.
FCI has been busy in South Florida. Earlier this year, the company closed on a $38 million construction loan for a new project in Hialeah. And in a separate deal, it secured a $54 million loan for a project in Miramar.