Montreal-Based Frankforter Group Buys Pompano Beach Rental for $43M
Canadians want a piece of Florida’s residential boom, too.
The Montreal-based Frankforter Group purchased Avery Pompano Beach, a new multifamily rental, for $42.9 million from Aventura-based Meyers Group, according to property records.
“The South Florida market continues to exhibit signs of tremendous growth,” Stephane Benalal, Frankforter’s director of acquisitions, said in prepared remarks. “Almost 330,000 people have moved to Florida during the past year.”
Arbor Realty Trust financed the deal with a $35.4 million acquisition loan.
Located at 275 North Federal Highway, the 144-unit complex sits between Route 1 and East Atlantic Boulevard, which leads onto the beach less than a mile away. Monthly rents for one- to three-bedroom apartments range between $1,705 and $2,732, according to Apartments.com.
Meyers Group, based in Aventura, Fla., completed the eight-story complex in 2019.
The Canadian real estate investment firm, led by CEO Yaakov Frankforter, specializes in multifamily properties. Its portfolio includes more than 8,000 units across Canada and the United States, the company says.
The Pompano Beach purchase marks Frankforter’s second South Florida acquisition. The group bought a Lauderdale Lakes apartment complex for $102.9 million in 2019, the South Florida Business Journal reported.