Corinthian Waterford buys Margate rental complex for $21M
Deal equates to $178K per unit
Fort Lauderdale-based Victoria One sold the Waterford Villas rental complex in Margate for $20.6 million.
Coral Gables-based Corinthian Waterford bought the villa-style community at 6954 Southwest Fifth Street, according to a news release.
The buyer took out a $17.7 million loan from ReadyCap Commercial, records show.
Corinthian Waterford is led by Denis Barreto Jr. and Matt Miller, according to the financing documents. Seller Victoria One is led by Ricardo Ulloa and Jerry Slubowski, state corporate records show.
The deal for the 116-unit community breaks down to $177,586 per unit.
Waterford was built in 1973 as a “villa-style” complex. Each one-story, four-unit villa sits on its own lot and each lot is roughly 0.2 acres, property records show.
Marc Kleiner of Kleiner Law Group represented Victoria One in the deal.
The deal is on the heels of Victoria One, through an affiliate, selling the 105-unit Card Sound garden-style apartment complex near Homestead for $10.6 million. Kleiner represented the seller in that deal as well.
The Margate multifamily sale comes amid a robust South Florida multifamily market, fueled by high demand that has pushed up rents.
The hot market has allowed investors to flip properties in a matter of months for big gains. Also in Margate, Lynd Living sold a 280-unit complex in November for $66.5 million, or roughly $15 million more than Lynd’s purchase price in March.