Magnolia Point apartments sold for $37.65 million

The 227-unit community, built in 1973, sells for $165,859 per unit.

Magnolia Point apartments at 7507 Beach Blvd.
Magnolia Point apartments at 7507 Beach Blvd.
  • Real Estate
  • Share

Magnolia Point apartments at 7507 Beach Blvd. sold Dec. 28 for $37.65 million.

The community is west of Parental Home Road, south of Pottsburg Creek and north of Beach Boulevard and Hogan Road.

Simplicity Capital of Englewood Cliffs, New Jersey, sold the property through Mag Pointe LLC.

The buyer is a venture of  FCI FL6 SPE LLC, SS Magnolia Holdings LLC and Sanchez Magnolia LLC, all of Prosper, Texas.

The sale was brokered by John Rutherford, senior vice president and Luke McCann, vice president at NAI Hallmark.

The buyer took out a $29.5 million mortgage with Arbor Realty SR Inc. of Uniondale, New York.

Magnolia Point was built in 1973 on 15.36 acres. It comprises 227 units. 

The per-unit price is $165,859.

The community comprises studio, one-, two- and three-bedroom units from 350 to 2,076 square feet. Monthly rents are $1,025 to $2,185, according to

Amenities include a pool, playground, basketball court and laundry facilities. Management and maintenance are on the site.

Simplicity Capital bought the apartments in September 2017 for $14.4 million from LN Property Holdings LLC of Boca Raton.