Harbor Group Sells Pompano Beach Apartment Complex for $96M
By Julia Echikson June 24, 2022 4:08 pm
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Cottonwood Residential bought a multifamily complex in Pompano Beach, Fla., for $95.5 million, marking a nearly 74 percent jump in its sales price from its previous trade just four years ago, property records show.
The property, Linden Pointe, contains 243 apartments across six buildings at 4411 N Federal Highway, just east of North Broward Park.
The Salt Lake City-based buyer, which specializes in multifamily properties, nabbed a $47.96 million loan from Berkadia Commercial Mortgage, per records. The purchase equates to $393,000 per apartment.
The seller, Harbor Group International, bought the community two years after its completion in 2018 for $55 million.
The appreciation is likely a reflection of skyrocketing rents. Across South Florida, average monthly rents rose by 46 percent to $2,843 in May, compared with last year, according to Realtor.com’s latest data.
Rents at Linden Pointe range between $2,210 and $4,420 a month for one to three bedrooms, per Apartments.com.
Pompano Beach has also seen a resurgence. Along the ocean, Related Group is developing a pair of luxury condominiums, while Fortune International Group and Oak Capital launched a Ritz Carlton-branded condo building last December.
Beside Linden Pointe, Harbor Group was behind South Florida’s priciest multifamily trade, when it bought ParkLine Miami for over $400 million in March.
Julia Echikson can be reached at jechikson@commercialobserver.com.
