The development site located at 3151 North Federal Highway in Pompano Beach has been sold for $13.5 million. The 6.2-acre property is set for the construction of 285 apartments, as part of a joint acquisition by Maurice Kaufman of AMAC and Oscar Rodriguez & Ricardo Vadia of ROVR Development from Art Falcone of Falcone Group.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $13,500,000
• Buyer: Maurice Kaufman - AMAC; Oscar Rodriguez & Ricardo Vadia - ROVR Development
• Seller: Art Falcone - Falcone Group
• Market: Pompano Beach
• Asset Type: Development Site
• Acres: 6.2

New York-based AMAC and Miami-based ROVR have collaborated on the acquisition of the Pompano Beach property, showcasing their dedication to quality multifamily projects in South Florida. The 285-apartment development signifies a strategic investment by the buyers in the flourishing real estate market of the region.