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Island Capital affiliate pays $64M for Margate apartments

Deal equates to about $227K a unit

Celebration Pointe and Andrew Farkas (Garco)
Celebration Pointe and Island Capital Group's Andrew Farkas (Garco)

A Texas-based real estate investment company paid $64 million for a 282-unit Margate apartment complex.

An affiliate of C-III Capital Partners bought the 295,000-square-foot complex at 5555 Celebration Pointe Lane, called “Celebration Pointe,” according to records. The deal equates to about $227,000 a unit.

C-III is owned by real estate merchant bank Island Capital Group, based in New York. Both are led by Andrew Farkas.

The seller is an affiliate of Pride Homes, a Miami-based developer. The affiliate’s managers include Carlos Garcia, Martha Fernandez and Omar Fonte, according to records. Pride Homes also does work under the name Garco.

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Garco bought the land in 2013 for $7.4 million and built the complex in 2016, records show.

Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller, according to a release.

Units available at the complex range from $1,454 for a one-bedroom unit to $1,774 for a two-bedroom unit, according to an online listing.

Last year, Island Capital Group paid $78 million for several buildings within a Plantation office park.

Recent multifamily deals in the area include Cortland Partners paying $91.7 million for a 336-unit Hollywood apartment complex and CA Ventures paying $80 million for a 159-unit student housing complex in downtown Boca Raton near Florida Atlantic University

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