By Timea Papp
CBRE completed the sale of the Fairways of Carolina, a 208-unit luxury multifamily community on the Carolina Club golf course in Margate, Fla. Fairfield Residential sold the asset to White Eagle Property Group in a $36.4 million deal and Freddie Mac originated $29.1 million in acquisition financing, public records show.
Located at 2701 Rock Island Road on roughly 11 acres of land, the property was completed in 1993 and offers a mix of one-, two- and three-bedroom floorplans with a wide amenity base. Apartments feature recently upgraded interiors, private screened porches, alarm systems and a carport for each home.
Community amenities include:
- Mediterranean-style pool
- 24-hour fitness center
- Lighted tennis courts
- Business center
- Community lake
Renovation plans in store
Executive Vice President Still Hunter and Senior Vice President Chris Smiles of CBRE’s South Florida Multifamily Capital Markets team represented the seller in the transaction. White Eagle Property Group, a multifamily investment firm that owns and operates a portfolio of more than 8,000 rental units nationwide, plans to upgrade Fairways of Carolina.
“As part of our value-add strategy, we plan to renovate the unit interiors as well as the community amenities, setting Fairways even further apart from its competition in the market,” added Abe Spitz, director of acquisitions at White Eagle Property Group. The property’s central location offers connectivity to primary employment centers in Broward and Palm Beach counties via major thoroughfares such as Florida’s Turnpike, the Sawgrass Expressway, U.S. Route 441 and Interstate 95.
“The Fairways of Carolina offered an excellent opportunity for a value-add investor with the vision to expand the scope of the upgrades completed by the seller and realize the asset’s full potential. The buyer is familiar with the Broward County market and its strong fundamentals, as this is their second multifamily acquisition in the area. Fairways of Carolina has the distinct advantage of its Carolina Club address and attractive site, with more than 1,100 square feet of golf course frontage,” said Hunter, in a prepared statement.
Image courtesy of Yardi Matrix