A Pompano Beach apartment building has been sold for $41 million, 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 Griffis Residential, based in Greenwood Village, Colorado. Records and the real estate database Vizzda indicate that the seller was Montreal-based Frankforter Group. Griffis financed the acquisition with a $29.5 million loan from Chicago’s PPM America.
In a separate transaction, MAP Communities acquired Boca Villa Apartments, a 106-unit rental complex located at 100 West Hidden Valley Boulevard in Boca Raton. The sellers were Edwidge Realty and Marina & Briana limited partnerships. MAP Communities assumed an existing $32.5 million loan on the property, which currently has a $28.5 million balance and is held by Ellington Financial of Greenwich, Connecticut.
These sales come as South Florida’s multifamily housing market faces challenges such as high completion rates of new units, slower migration into the region, elevated interest rates, and rising insurance costs. These factors have contributed to some properties being sold below their recent purchase prices.
The Pompano Beach building was completed in 2019 on a 0.8-acre site. Frankforter Group had bought it for $42.9 million in 2021; the current sale represents a 4.3 percent discount from that price. Known as Griffis Pompano Beach, the property offers one- to three-bedroom apartments with monthly rents ranging from $2,175 to over $2,895.
Boca Villa Apartments sits on 7.2 acres and was built in two phases: five two-story buildings with 53 units finished in 1988 and another set of buildings with an additional 53 units completed in 2021.
Griffis Residential is led by Ian Griffis and David Birnbaum and manages about 30 communities totaling roughly 9,000 units across thirteen U.S. markets according to its website. The company recently increased its investment activity in South Florida; last June it paid $87 million for a fifteen-story apartment building at 345 Banyan Boulevard in downtown West Palm Beach.
MAP Communities was founded last March by Matthew Paul—formerly vice president for Florida at Christopher Todd Communities—and has since assembled a portfolio of about six properties focused on South Florida investments.
Other notable recent transactions include Ortsac Capital Group’s purchase of Ventura Pointe—a Pembroke Pines complex—for $52.5 million last month (a reported discount compared to its previous sale), as well as Greystar and Artemis Real Estate Partners’ acquisition of Everleigh Palm Beach Gardens for $69.4 million.
