CBRE arranged the sale of 74 out of 150 luxury condominium units at Paragon Plantation in Plantation, Florida. Paragon Plantation Holdings, LLC, acquired the assets from Falcon Carlyle, LLC, for $9.35 million, or $126, 351 per unit.
“We had a strong interest level from the investors because the price per unit was well below the individual sales occurring in the community today and the condo market has rebounded,” said Richard Tarquinio, Senior Vice President, CBRE Capital Markets, Investment Properties, Multifamily. “The investor intends to continue leasing for two years and then start a sell off of individual units.”
Built in 1997, Paragon Plantation consists of five three-story garden-style buildings featuring a total of 150 units. The 74 units average 1,255 square feet each. Paragon Plantation has a strong historical operating history with occupancy near or at 100%.
The asset is surrounded by more than 9 million square feet of office and industrial space in the immediate area and more than 71,000 jobs within three miles. Additionally, the property is less than 3.5 miles from the South Florida Education Center and its consortium of five universities
