CBRE brokers deal for 208-unit multifamily community in Margate, FL

The Fairways of Carolina, a 208 unit multifamily community in Margate, Fla. has been acquired by White Eagle Property Group for $36.4 million. Located on the Carolina Club golf course at 2701 Rock Island Road, the asset was purchased from Fairfield Residential. Built in 1993 on a 11 acre site, the property features recently upgraded interiors, private screened porches, alarm systems and a carport for each home. CBRE represented the seller during the transaction and secured $29.1 million in acquisition financing from Freddie Mac for the buyer. 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 the complex.

“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,” stated 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.