A Pompano Beach apartment building has been sold for $41 million, reflecting a 4.3 percent decrease from its previous sale price in 2021. The eight-story, 144-unit property at 275 North Federal Highway was acquired by Griffis Residential, a firm based in Greenwood Village, Colorado. The seller was Montreal-based Frankforter Group. Financing for the deal included a $29.5 million loan from Chicago’s PPM America.
The building, now named Griffis Pompano Beach, offers one- to three-bedroom apartments with rents ranging from $2,175 to over $2,895 per month.
In another transaction, MAP Communities purchased the Boca Villa Apartments complex at 100 West Hidden Valley Boulevard in Boca Raton for $30 million. The seller was Edwidge Realty and Marina & Briana limited partnerships. MAP Communities assumed a $32.5 million loan on the property from Ellington Financial of Greenwich, Connecticut; the remaining balance is $28.5 million.
The Boca Villa Apartments complex includes 106 units across several buildings constructed between 1988 and 2021 on a site covering 7.2 acres. Units range from one to three bedrooms.
These sales come as South Florida’s multifamily market faces challenges including high completion rates of new properties, slower migration into the region, higher interest rates, and rising costs such as insurance. Some landlords have opted to sell their assets at discounted prices compared to previous years.
Griffis Residential is led by Ian Griffis and David Birnbaum and manages about 9,000 units across 13 markets nationwide. The company has recently expanded its presence in South Florida; in June it purchased a 223-unit apartment building at 345 Banyan Boulevard in downtown West Palm Beach for $87 million.
MAP Communities was established in March by Matthew Paul, who previously served as vice president for Florida at Christopher Todd Communities. Since its founding this year, MAP has built a portfolio of approximately six properties focused on South Florida investments.
Other recent transactions in the region include Ortsac Capital Group’s purchase of Ventura Pointe—a Pembroke Pines complex with 206 units—for $52.5 million last month, representing a discount compared to its price in 2019. Greystar and Artemis Real Estate Partners also acquired Everleigh Palm Beach Gardens—an age-restricted community with 220 units—for $69.4 million last month.
