 |
Margolias Realty Group Acquires 'The Strand' in West Palm Beach Florida
Leading Georgia Real Estate Group to Upgrade Second Premiere Property in South Florida
07/11/2005 1:31:27 PM
Margolias Realty Group announced today the acquisition of ‘The Strand’, making it the second luxury property in Florida for the Georgia based Company. The Strand, located on Florida’s Atlantic coast, is a 275-unit luxury multi-family dwelling nestled in the heart of downtown West Palm Beach and was acquired for $91 million.
“The Strand is uniquely and ideally located adjacent to the Intracoastal Waterway, Meyer Amphitheater and Clematis Avenue. More than 80% of our units have views of the intracoastal. ” explained Darren Margolias, principal, Margolias Realty Group. “We are excited about being able to offer property of this caliber at a competitive price point when there is so little existing product in the West Palm market. The buildings, upgrades, services and amenities will set a new standard in high-rise, waterfront living in West Palm Beach.”
Primary financing for The Strand was provided by Corus Bank N.A. and mezzanine financing provided by Babson Capital Management LLC and CrossHarbor Capital Partners LLC. The total investment is expected to exceed $100 million. The renovations currently underway include upgrades within the units and enhancements to common areas and on premises services.
The Strand is Margolias’ second acquisition in the greater South Florida area – the first was the wildly successful Waverly at Surfside. The ocean front units in the Waverly at Surfside sold out in the first four days, and the entire project sold out in under six months.
About Margolias Realty Group
Founded in South Africa in 1970 and relocated to Georgia in 1985, Margolias Realty Group is headquartered in Atlanta. The Company boasts a portfolio valued in excess of $220 million across various sectors including premiere industrial, retail and residential properties.
# # #
|
|
|
|
|
|
