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1601 North Riverside Drive

Updated Dec 4, 2024

Highpoint Property Group Acquires Development Site In Pompano Beach For Future Townhouse Community
SOLDDevelopment Site

Highpoint Property Group Acquires Development Site In Pompano Beach For Future Townhouse Community

1601 North Riverside Drive

$2,300,000

Building Size

—

Asset Type

Development Site

Closing

Sep 15, 2023

About this deal

AI

A development site located at 1601 North Riverside Drive in Pompano Beach has been sold in a transaction worth $2.3 million. The property, situated on the Intracoastal Waterway, has been acquired by Highpoint Property Group, a New York-based company, in partnership with a local partner. The purchase signifies the growing trend of New York developers exploring opportunities in Broward County, Florida.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $2,300,000
  • Buyer: Highpoint Property Group (represented by Drew Popkin and Akabas Properties)
  • Seller: Luna North LLC
  • Broker: Daniel Diaz Leyva (Day Pitney)
  • Market: Pompano Beach

Highpoint Property Group, along with their local partner, has successfully secured the development site for a future townhouse community. The deal exemplifies the growing interest of New York developers in the Broward County area and the increasing prominence of cash-driven, small-to-midsize transactions due to stricter lending standards.

On the Map

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$2,300,000

Development Site

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Players

Daniel Diaz Leyva

Day Pitney

Broker

$8.7M

vol

2 deals

Broker
HG
Highpoint Property GroupBuyer
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Pompano Beach Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

6.90%

Cash-on-Cash

-1.97%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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