Griffis Residential Purchases 144-Unit Multifamily Asset In Pompano Beach For $41 Million

The multifamily asset located at 275 North Federal Highway in Pompano Beach features a sale price of $41 million. The property comprises 144 units, translating to approximately $284,722 per unit. The total square footage of the asset is 171,306, which results in a price per square foot of $239.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $41,000,000
• Units: 144
• Price per Unit: $284,722
• Total Square Footage: 171,306
• Price per Square Foot: $239
• Buyer: Ian Griffis & David Birnbaum - Griffis Residential
• Seller: Yaakov Frankforter - Frankforter Group
• Lender: Jackson National Life Insurance Company

Griffis Residential acquired the property from Pompano Beach Property LP, a partnership led by Yaakov Frankforter’s Frankforter Group. The purchase was financed through a loan of $29.5 million from Jackson National Life Insurance Company, and the asset has been renamed Griffis Pompano Beach.