A Pompano Beach apartment building has been sold for $41 million, reflecting a slight decrease from its previous sale price four years ago. The eight-story, 144-unit property at 275 North Federal Highway was purchased by Greenwood Village, Colorado-based Griffis Residential from Montreal’s Frankforter Group. According to records and the real estate database Vizzda, Griffis financed the acquisition with a $29.5 million loan from Chicago-based PPM America.
In a separate transaction, MAP Communities, led by Matthew Paul, acquired the Boca Villa Apartments complex in Boca Raton for $30 million. The 106-unit property at 100 West Hidden Valley Boulevard was sold by Edwidge Realty and Marina & Briana limited partnerships. MAP assumed a $32.5 million loan on the complex, with an outstanding balance of $28.5 million provided by Ellington Financial of Greenwich, Connecticut.
These sales come amid challenges in South Florida’s multifamily market. Increased construction has resulted in slower lease-ups and fewer new residents moving into the area. Landlords have also faced higher interest rates and rising costs such as insurance, prompting some to sell properties at reduced prices.
The Pompano Beach building was completed in 2019 on a 0.8-acre site. Frankforter Group had purchased it for $42.9 million in 2021; the recent sale represents a 4.3 percent discount compared to that price. The property—now called Griffis Pompano Beach—offers one- to three-bedroom units with monthly rents ranging from $2,175 to over $2,895.
The Boca Villa Apartments span 7.2 acres and were developed in two phases: five two-story buildings totaling 53 units finished in 1988 and another three- and five-story building adding another 53 units completed in 2021.
Griffis Residential is led by Ian Griffis and David Birnbaum and manages about 9,000 units across 13 U.S. markets as stated on its website. The company has recently increased its investments in South Florida; last June it bought a downtown West Palm Beach apartment tower for $87 million.
MAP Communities was established this March by Matthew Paul, formerly vice president for Florida at Christopher Todd Communities—a single-family rental developer—and now owns around six properties locally.
Other recent transactions include Ortsac Capital Group’s purchase of Ventura Pointe—a Pembroke Pines complex—for $52.5 million last month (a price about 5.6 percent lower than its value in 2019). Additionally, Greystar and Artemis Real Estate Partners acquired Everleigh Palm Beach Gardens for $69.4 million last month.
