A 2.95-acre development site located at 2449 Northeast 13th Avenue in Pompano Beach has been sold for $11 million. The property is entitled for the development of 190 apartments and includes 5,972 square feet designated for retail use. The transaction features a price per square foot of $3,728,814 and financing that involves a mortgage from BRORA 1118 LLC.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $11,000,000
• Buyer: Scott Lawlor - Waypoint Residential
• Seller: Morris Kaplan - Kaplan Residential
• Lender: BRORA 1118 LLC
• Location: 2449 Northeast 13th Avenue, Pompano Beach
• Square Footage: 2.95
• PPSF: $3,728,814

This transaction is notable as it involves Scott Lawlor representing Waypoint Residential and Morris Kaplan representing Kaplan Residential. The deal was executed despite being below the initial assembly cost of $12.2 million, highlighting challenges in multifamily development caused by increased costs and tighter capital markets.