Margules sells South Beach properties for $15 million

New York-based real estate investment firm Margules Properties sold a five-building portfolio of residential apartment buildings for $15 million - more than twice the price they originally purchased it for in 2004. The buyer was Lincoln Palms Partners, an affiliate of Grand Rapids, Mich.-based real estate investment firm Eenhoorn. "We felt the time was right to sell given that prices in South Beach have increased significantly over the past two years," said Margules Properties CEO Eric Margules. "Miami is one of the country's fastest growing markets and is very important to our expansion strategy." The Art Deco historic properties with 66-units, are located one block from Lincoln Road. The five buildings, known as Lincoln Palms Properties, LLC, are contiguous and located in the epicenter of South Beach within walking distance of the beach and world class hotels. They include: 1600 Meridian Ave., 1608-1610 Meridian Ave., 1601 Jefferson Ave. (aka 827 16th St.), 1605-1607 Jefferson Ave. and 1615 Jefferson Ave. Margules Properties, a New York-based real estate investment firm, founded in 1992, has acquired some 70 properties in the New York City metropolitan area and Miami Beach. The company currently owns 45 properties, all of which are closely managed by the firm's in-house management team. The buyers were represented by Marcus & Millichap's Joseph Thomas and Frank Fausone. Marcus & Millichap's Arthur Porosoff and David Cohen represented the sellers.