Falcon Arranges Sale of 74 Units in Luxury Plantation Community
Falcon Real Estate Investment Management, Ltd. arranged the sale of the remaining 74 out of 150 luxury condominium units at Paragon Plantation in Plantation, Florida. The assets were acquired from Falcon Carlyle, LLC, by Paragon Plantation Holdings, LLC, for $9.35 million, or $126,351 per unit. Falcon advised ownership on the purchase of Paragon Plantation in 2005 and has provided asset management services for nearly 10 years, resulting in a strong operating history with occupancy consistently at or near 100%.
Located within one of South Florida’s most desirable markets, Paragon Plantation’s central location boasts access to major thoroughfares and employment markets. 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.
The sale was led by the Falcon team of Scott Bennett, Chief Operating Officer, and Jack Miller, President. The CBRE Capital Markets team of Calum Weaver and Richard Tarquinio also represented the seller in the transaction. “When ownership began the process of considering a sale, we were confident that we had a quality property to sell but we also knew that it would be a complicated transaction,” said Scott Bennett. “That is why ownership chose to engage the highly seasoned multifamily team at CBRE. The Falcon/CBRE deal team brought a level of insight and professionalism to the transaction that translated into more quality offers and higher pricing.”
“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 with eight-foot ceilings and vaulted ceilings on the top floor. The 74 units average 1,255 square feet each and provide spacious floor plans. All units come with a full-size washer and dryer, private balconies, well-appointed kitchens, and community amenities that include a pool, clubhouse, fitness center, playground and gated entryway.
About Falcon Real Estate Investment Management, Ltd. — Falcon is a specialized U.S. real estate advisory and asset management firm that provides a full range of advisory services for non-U.S. investors. Falcon has four regional offices throughout the U.S., providing localized acquisition and asset management expertise. The firm has completed over $7 billion of transactions since its inception in 1991 and has provided real estate advisory services to institutional and private high net worth investors in all asset classes and in all major and secondary markets across the United States. For more information about Falcon, please visit our website at www.falconreal.com.