Island Capital affiliate pays $64M for Margate apartments

Deal equates to about $227K a unit

Celebration Pointe and Andrew Farkas (Garco)
Celebration Pointe and Island Capital Group's Andrew Farkas (Garco)

A Texas-based real estate investment company paid $64 million for a 282-unit Margate apartment complex.

An affiliate of C-III Capital Partners bought the 295,000-square-foot complex at 5555 Celebration Pointe Lane, called “Celebration Pointe,” according to records. The deal equates to about $227,000 a unit.

C-III is owned by real estate merchant bank Island Capital Group, based in New York. Both are led by Andrew Farkas.

The seller is an affiliate of Pride Homes, a Miami-based developer. The affiliate’s managers include Carlos Garcia, Martha Fernandez and Omar Fonte, according to records. Pride Homes also does work under the name Garco.

Sign Up for the undefined Newsletter

Garco bought the land in 2013 for $7.4 million and built the complex in 2016, records show.

Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller, according to a release.

Units available at the complex range from $1,454 for a one-bedroom unit to $1,774 for a two-bedroom unit, according to an online listing.

Last year, Island Capital Group paid $78 million for several buildings within a Plantation office park.

Recent multifamily deals in the area include Cortland Partners paying $91.7 million for a 336-unit Hollywood apartment complex and CA Ventures paying $80 million for a 159-unit student housing complex in downtown Boca Raton near Florida Atlantic University

Recommended For You