The Benjamin Group Pays $145M for Pompano Beach Rental
The Benjamin Group dropped $145 million for a Pompano Beach apartment complex, according to property records.
The rental property, Morea, was completed only a year ago. Fairfield Residential, both the developer and seller, landed a $56 loan from Santander Bank to construct a six-story complex with 327 units in 2019, according to The Real Deal. In 2018, San Diego-based Fairfield had paid $7.7 million for the lot, which contained a strip mall at the time.
Located at 601 N Federal Highway, the property sits adjacent to the Pompano Community Park, only half a mile from the Intracoastal Waterway. Monthly rents range between $2,590 and $4,555, according to Apartments.com.
The Benjamin Group nabbed a $75 million loan from New York Life Insurance Company to finance the purchase, property records show.
The Long Island-based real estate investment firm is doubling down on Broward County. Earlier this month, it bought a 34,322-square-foot office building in Fort Lauderdale, per records.
Pompano Beach, known as a sleepy town, is seeing a rush of interest from investors and developers following the redevelopment of its boardwalk, amid South Florida’s hot market. The Related Group is developing two luxury oceanfront condominiums. Fortune International Group and Oak Capital are bringing a Ritz Carlton-branded condominium along the same Pompano road.
For the Morea trade, representatives for both the seller and buyer did not immediately respond to a request for comment.
Julia Echikson can be reached at firstname.lastname@example.org.