A Pompano Beach apartment building has been sold for $41 million, representing a 4.3 percent decrease from its price in 2021. The eight-story, 144-unit property at 275 North Federal Highway was purchased by Griffis Residential, based in Greenwood Village, Colorado. The seller was the Montreal-based Frankforter Group. According to records and real estate database Vizzda, Griffis borrowed $29.5 million from Chicago lender PPM America to finance the acquisition.
The property, now called Griffis Pompano Beach, offers units ranging from one to three bedrooms with monthly rents starting at $2,175 and going above $2,895 as listed on the property’s website. The building was completed in 2019 on a site of 0.8 acres. Frankforter Group, led by Yaakov Frankforter, acquired the building for $42.9 million in 2021.
In another transaction, MAP Communities—founded earlier this year by Matthew Paul—acquired Boca Villa Apartments in Boca Raton for $30 million from Edwidge Realty and Marina & Briana limited partnerships. The complex at 100 West Hidden Valley Boulevard includes 106 units and sits on a 7.2-acre lot. MAP assumed a loan of $32.5 million on the property provided by Ellington Financial of Greenwich, Connecticut; the current balance is $28.5 million.
Boca Villa Apartments consists of one- to three-bedroom units but does not publicly list rent prices. The complex was developed in two phases: five two-story buildings with a total of 53 units were completed in 1988; an additional three-story and five-story building with another combined 53 units were finished in 2021.
Both transactions occur amid ongoing challenges in South Florida’s multifamily market as landlords face increased costs due to high interest rates and insurance premiums while lease activity has slowed after significant new construction and reduced migration from out-of-state residents.
Griffis Residential is led by Ian Griffis and David Birnbaum and manages about 9,000 apartment units across thirteen U.S. markets through thirty communities nationwide. In June of last year, Griffis expanded its presence in South Florida with an $87 million purchase of a fifteen-story building with 223 apartments at 345 Banyan Boulevard in downtown West Palm Beach.
MAP Communities has focused its investments within South Florida since its founding by Matthew Paul—who previously served as vice president for Florida at Christopher Todd Communities—and currently owns around six properties.
Recent activity among other multifamily investors includes Ortsac Capital Group’s acquisition last month of Ventura Pointe—a Pembroke Pines complex with 206 units—for $52.5 million (a price about 5.6 percent below its value in 2019). Greystar and Artemis Real Estate Partners also recently bought Everleigh Palm Beach Gardens—a senior housing community with 220 apartments—for $69.4 million.
