Benjamin’s group dropped $145 million for a Pompano Beach apartment complex, according to property records.

rental property, Moreawas completed only a year ago. Fairfield Residentialboth developer and seller, obtained a $56 loan from Santander Bank build a six-story complex with 327 units in 2019, according to The real deal. In 2018, San Diego-based Fairfield paid $7.7 million for the land, which at the time contained a strip mall.

Located at Federal Highway 601 Nthe property is adjacent to the Pompano Community Parkonly half a mile from the Intra-coastal waterway. Monthly rents vary between $2,590 and $4,555, depending on Apartments.com.

The Benjamin group obtained a loan of 75 million dollars from New York Life Insurance Company to finance the purchase, according to the property records.

The Long Island-based real estate investment firm is doubling down on efforts in Broward County. Earlier this month, he purchased a 34,322 square foot office building in Fort Lauderdale, records show.

Pompano Beach, known as a sleepy town, is seeing renewed interest from investors and developers following the redevelopment of its boardwalk amid South Florida’s hot market. the Associated group develop two luxury sea ​​side condominiums. Fortune International Group and Oak Capital bring a Ritz-Carlton Hotel– branded condominium along the same Pompano road.

For the Morea trade, representatives for the seller and buyer did not immediately respond to a request for comment.

Julia Echikson can be contacted at [email protected].