UPDATED, July 20, 6:45 p.m.: Frankforter Group bought a Pompano Beach apartment building for $42.9 million.
The Montreal-based real estate investor and asset manager bought Avery Pompano Beach at 275 North Federal Highway from an affiliate of Aventura-based Meyers Group, records show. The buyer borrowed $35.4 million from Arbor Realty SR, an affiliate of Uniondale, New York-based Arbor Realty Trust.
The deal breaks down to nearly $298,000 per unit.
Sasha Ezquerra and Santiago Illia from Apartment Lease-Up Experts brokered the deal on behalf of the seller. FM Capital’s Daniel Kaweblum arranged the financing.
Meyers Group, led by Chair and CEO Stuart Meyers, developed the eight-story, 144-unit building in 2019, after buying the vacant site for roughly $5 million in 2016, records show.
In 2018, Meyers started preleasing the units, which have high-tech features such as built-in USB charges for cell phones.
Frankforter, led by founder and CEO Yaakov Frankforter, owns roughly 3,000 units in South Florida and focuses on both value-add acquisitions of older properties and stabilized core assets, such as Avery, said Stephane Benalal, director of acquisitions.
Avery is 99.3 percent occupied. The average unit size of 952 square feet, Benalal said.
Frankforter will be making minor tweaks to upgrade common areas, but otherwise the property is “well-built and modern,” he added.
Amenities include a two-story clubhouse with a pool, cabanas and spa; a summer kitchen with a waterfall and fire pit; and a club room with catering kitchen, according to a Frankforter news release.
Some of Frankforter’s other holdings in the area are Pacific Point apartments at 3700 Pacific Point Place in Lauderdale Lakes, which the group bought for $102.9 million in 2019.
Pompano Beach has seen several residential deals in recent months, including Axonic Properties’ bulk condo purchase of about half the units at Breezes at Palm-Aire for $25.4 million in May.