Pompano Beach Apartments Sell as Part of $3.6B Portfolio Trade

reprints


Greystar sold a 225-unit apartment building, Avana Bayview Apartments, in Pompano Beach, Fla., for $73.5 million, part of a $3.6 billion portfolio sale to Ivanhoé Cambridge

Built in 2004, and located at 1617 S. Federal Highway, Avana Bayview Apartments last sold in 2011 for $45 million. Equity Residential was the purchaser at the time, but the asset traded to Greystar in the interim, according to property records. 

SEE ALSO: Pacshore Partners Pays $91M for Burbank Office

The property is encumbered with a $39 million mortgage provided by CBRE Capital Markets in 2017. It expires in September 2024, per property records. 

Greystar sold a portfolio of 30 multifamily properties across the Sun Belt with 10,000 units total to the Montreal-based Ivanhoé Cambridge, the company announced earlier this week. 

The Charleston, S.C.-based Greystar, which owns and operates about $220 billion worth of real estate globally, acquired and assembled the portfolio through a fund focused on value-add investments. 

Like most South Florida markets, Pompano Beach, located between Fort Lauderdale and Boca Raton, has seen an incredible amount of activity in both multifamily investment sales and development over the last year. Earlier this month, Madison Realty Capital provided MAG Real Estate with $62 million to advance a multifamily project in the area, while Related Group is planning two luxury oceanfront highrises, and recently closed a $91 million construction loan on one of them. 

Chava Gourarie can be reached at cgourarie@commercialobserver.com