Harbor Group sells Pompano Beach apartment complex for $96 million

Residential Cottonwood bought a multi-family complex in Pompano Beach, Florida, for $95.5 million, marking a nearly 74% increase in its sale price from its previous trade just four years ago, records show of property.

The property, tip of the lime treecontains 243 apartments spread over six buildings in 4411 N Federal Highwayjust east of North Broward Park.

The Salt Lake City-based buyer, which specializes in multi-family properties, secured a $47.96 million loan from Berkadia Commercial Mortgage Loan, by records. The purchase is equivalent to $393,000 per apartment.

Seller, International port groupbought the community two years after its completion in 2018 for $55 million.

The appreciation is likely a reflection of skyrocketing rents. In South Florida, average monthly rents rose 46% to $2,843 in May from a year ago, according to real estate agent.comthe latest data.

Rents in Linden Pointe range between $2,210 and $4,420 per month for one to three bedrooms, per Apartments.com.

Pompano Beach has also seen a resurgence. along the ocean, Associated group is developing a pair of luxury condominiums, while Fortune International Group and Oak Capital launched a Ritz-Carlton Hotel-Brand condo building last December.

Besides Linden Pointe, Harbor Group was behind the most expensive multi-family business in South Florida when it bought Park Line Miami for more than $400 million in March.

Julia Echikson can be contacted at jechikson@commercialobserver.com.

Lora M. Andrew