Island Capital Group Acquires Margate Multifamily Property For $64M

Located at 5555 Celebration Pointe Lane in Margate, this multifamily property was recently sold in a closed transaction. The property spans across 295,000 square feet and consists of 282 units. The sale price amounted to $64,000,000, with a price per square foot of $217 and a price per unit of $226,950.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $64,000,000
• Address: 5555 Celebration Pointe Lane
• Market: Margate

The buyer in this transaction was Island Capital Group, represented by Andrew Farkas. The seller, on the other hand, was Garco, with Carlos Garcia, Martha Fernandez, and Omar Fonte as the selling party. Newmark's brokers, including Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn, and Tyler Minix, facilitated the deal.