The Waterford Villas rental complex in Margate at 6954 Southwest Fifth Street (Google Maps)
Fort Lauderdale-based Victoria One sold the Waterford Villas rental complex in Margate for $ 20.6 million.
Corinthian Waterford, based in Coral Gables, has purchased the villa-style community at 6954 Southwest Fifth Street, according to a press release.
The buyer took out a $ 17.7 million loan from ReadyCap Commercial, according to records.
Corinthian Waterford is led by Denis Barreto Jr. and Matt Miller, according to fundraising documents. Saleswoman Victoria One is run by Ricardo Ulloa and Jerry Slubowski, according to state records.
The deal for the 116-unit community breaks down to $ 177,586 per unit.
Waterford was built in 1973 as a ‘villa style’ complex. Each one-story, four-unit villa sits on its own land and each lot is approximately 0.2 acres, according to property records.
Marc Kleiner of Kleiner Law Group represented Victoria One in the case.
The deal is on the heels of Victoria One, through an affiliate, which sells the 105-unit Card Sound garden-style apartment complex near Homestead for $ 10.6 million. Kleiner also represented the seller in this transaction.
Margate’s Multi-Family Sale comes in a robust South Florida multi-family market, fueled by strong demand that has driven rents up.
The hot market allowed investors to flip properties within months for big gains. Also in Margate, Lynd Living sold a 280-unit complex in November for $ 66.5 million, about $ 15 million more than Lynd’s purchase price in March.
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