Fairfield Residential just paid $7.7 million for a strip mall in Pompano Beach, with plans to build an apartment building.
Property records show Fairfield Pompano LP bought about 3 acres of land on the northwest corner of North Federal Highway and Northeast Sixth Street. The seller, Karam Family, LLC, bought the property in 2014 for $2.6 million.
In May, Mike Vonder Meulen of Keith and Associates submitted a site plan for the property to the city on behalf of the Karam Family, consisting of a six-story building with 327 rental units and ground-floor commercial space. The 88,700-square-foot building would feature one-, two- and three-bedroom apartments, according to the plan.
The land currently houses a preschool, Pompano Beach Academy, as well as retail tenants including Rocket Pizza and Pellegrino Fruits & Produce. It sits adjacent to Pompano Beach Community Park, the city’s amphitheater and the Emma Lou Olsen Civic Center.
Fairfield Residential has been busy selling off its collection of apartment complexes. Last year, it sold a Delray Beach rental community for $102.5 million. Its multifamily portfolio spans about 43,000 apartments in 35 markets across the country, according to its website.
Other investors buying properties in Pompano Beach include real estate developer Adam Adache, Fortress Investment Group and IMC Equity Group.