Newmark announced the $64,000,000 sale of Celebration Pointe, a 282-unit luxury multifamily community in Margate.
The property includes premium amenities with high-end unit finishes and is located directly across Northwest Medical Center in northern Broward County.
Newmark’s Executive Managing Director Tal Frydman, Vice Chairmen Hampton Beebe and Avery Klann, and Directors Jonathan Senn and Tyler Minix exclusively represented the Miami-based seller Pride Homes in the transaction.
“While Pride Homes developed a beautiful property in an excellent location, the buyer looks to take it to the next level,” said Frydman. “We had a tremendous amount of interest on this transaction and were able to get it across the finish line due to the strong track record of the buyer.”
According to Newmark Research, since the onset of the COVID-19 multifamily investment sales volume has been trending upward, as quarter-over-quarter transaction volume rose 55.9% in 3Q20, the strongest sequential quarter-over-quarter gain since 2011. Rent collections for multifamily continue to outperform other major property types, with 94.4% of rent payments collected in 3Q20. The historical annualized returns for multifamily assets have shown the ability to rebound sharply following an economic downturn.
Celebration Pointe was constructed in 2016 and features three distinct floor plans averaging 993 square feet. The community amenities include a contemporary clubhouse with cybercafé and Wi-Fi, resort-style pool and sundeck, expansive fitness center, controlled entry access gates, valet door-to-door trash service, children’s playground, a large lake with water feature, outdoor lounging areas and a gazebo.
The property offers residents superior access to Florida’s Turnpike and I-95 with visibility along U.S. Highway 441, providing direct exposure to over 76,000 vehicles per day. Celebration Pointe is within five minutes of abundant retail and entertainment, including the Coral Landings Shopping Mall, Seminole Coconut Creek Casino and The Promenade at Coconut Creek.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.