Broward apartment site sells for $9.8M in Margate.
Source: bizjournals.com
TL;DR
- Margate Site Sold: A partnership between Saul Perez and Trammel Crow Residential bought an 11.2-acre apartment development site in Margate for about $9.8 million.[[1]](https://www.bizjournals.com/southflorida/news/2025/08/14/broward-apartment-development-site-sold.html)[[2]](https://www.msaarchitectsinc.com/in-the-news/broward-apartment-development-site-sold-for-10-million)
- 338 Units Approved: The site at 787 S. State Road 7 is approved for the Forest Apartments, a five-story complex with more than 300 units.[[1]](https://www.bizjournals.com/southflorida/news/2025/08/14/broward-apartment-development-site-sold.html)
- Development Advances: U.S. Bank provided a $66.4 million construction loan to support building the project next to Shooster Nature Preserve.[[1]](https://www.bizjournals.com/southflorida/news/2025/08/14/broward-apartment-development-site-sold.html)[[3]](https://www.linkedin.com/posts/brian-bandell-86040519_broward-apartment-development-site-sold-for-activity-7362128436384968704-34tn)
The story at a glance
A development site in Margate, Broward County, sold for roughly $9.8 million to a partnership of local developer Saul Perez and Dallas-based Trammel Crow Residential. The seller was 777 Properties Inc., managed by Michael Shooster, and brokers Don Ginsburg and Michael Lewin of Katalyst Real Estate handled the deal. This is reported now following the recent closing and a related $66.4 million construction loan from U.S. Bank.
Key points
- Site location: 11.2 acres at 787 S. State Road 7 (State Road 441), Margate, adjacent to Shooster Nature Preserve and Park.
- Sale price: $9.785 million to $9.84 million, rounded to $10 million in headline.
- Buyer entity: BCH MF BTH III/Fort Lauderdale Preserve.
- Approval: For 338 apartments in five stories, named Forest Apartments.
- Financing: $66.43 million construction loan from U.S. Bank.
- Brokers: Don Ginsburg and Michael Lewin, Katalyst Real Estate.
Details and context
The site had prior approval for the Forest Apartments project, first proposed by Saul Perez's Rez Se Land LLC in early 2024 before the partnership formed.[[4]](https://www.bizjournals.com/southflorida/news/2024/03/08/broward-florida-apartments-planned-margate.html)[[5]](https://floridayimby.com/2024/03/miami-based-developer-proposes-the-forest-apartments-at-787-s-state-rd-7-margate-fl.html) It fronts a major corridor, making it suitable for multifamily amid South Florida's housing demand.
Katalyst Real Estate brokered the off-market transaction between local parties familiar with Broward development.[[1]](https://www.bizjournals.com/southflorida/news/2025/08/14/broward-apartment-development-site-sold.html)
The project includes various amenities in a gateway district zoning area.
Key quotes
None reported in accessible portions or matching coverage.
Why it matters
Demand for apartments in Broward County suburbs like Margate continues amid population growth and limited supply. Developers like Trammel Crow Residential gain approved sites to add over 300 rental units, easing housing pressure. Watch for construction start, as timelines depend on permits and market conditions.
What changed
The 11.2-acre site was previously held by 777 Properties Inc. under Michael Shooster, with approvals in place but no construction underway. It is now owned by the Saul Perez-Trammel Crow partnership, which secured a $66.4 million loan to proceed. The sale closed recently, around August 2025.
FAQ
Q: Who bought the Margate apartment site?
A: BCH MF BTH III/Fort Lauderdale Preserve, a partnership between Saul Perez and Trammel Crow Residential.
Q: What is the approved project on the site?
A: Forest Apartments, a five-story complex with 338 units.
Q: Who brokered the sale?
A: Don Ginsburg and Michael Lewin of Katalyst Real Estate.
Q: What financing supported the purchase?
A: A $66.43 million construction loan from U.S. Bank.
[[1]](https://www.bizjournals.com/southflorida/news/2025/08/14/broward-apartment-development-site-sold.html)