South Florida Community Trades for $12.4M
The 114-unit property in Margate is under new ownership for the first time in 27 years.
Waterford Villas, Margate, Fla.
Margate, Fla.—Waterford Villas, a 114-unit community in Margate, is under new ownership. According to the South Florida Business Journal, the buyer is a partnership of Advenir Inc., a diversified real estate company based in Aventura, and Victoria One LLC, a Weston-based partnership.
The community traded for $12.4 million or about $109,000 per unit, according to Evan Kristol and Brandon Rex, vice presidents in the Fort Lauderdale office of Marcus & Millichap, who arranged the sale.
The seller was an affiliate of Deerfield Beach-based Samco Properties, a private real estate investment firm owned by Sam Spiegel and Simone Spiegel. Samco had owned the property since 1989. According to the South Florida Business Journal, Advenir Inc. and Victoria One secured a $9.6 million, eight-year mortgage from Banco Popular North America.
Built in 1974 and located on 6.4 acres at 6954 5th St., near Rock Island Road and Southgate Boulevard, the villa-style community offers a variety of amenities, including a gated swimming pool, laundry facilities, a new centralized mail kiosk, ample parking and landscaped courtyards. Many units in the southeast portion of the property have canal views.
The new owners will be able to reap the benefits of rental growth as a result of "ever-improving local market fundamentals and significant loss-to-lease opportunities," said Kristol. Potential exit strategies are converting the property to condominiums or selling off individual buildings separately, he added.
Image courtesy of Marcus & Millichap
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