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].