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Frankforter Group Acquires Multifamily Property In Pompano Beach For $42.85M

Property Image
SOLD
$42,850,000
Sasha Ezquerra
Santiago Illia
Lorne Gornitsky
+ 1

Florida

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MultiFamily163,438 SF
Sold 07/20/2020
the dealplayerscompscontact
Property Image
SOLD

Frankforter Group Acquires Multifamily Property In Pompano Beach For $42.85M

275 North Federal Highway, Pompano Beach, FL, USA

See Similar Deals
MultiFamily163,438 SF
Sold 07/20/2020
Sasha Ezquerra
Santiago Illia
Lorne Gornitsky
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$262
Total Square Footage:163,438 SF
Transaction Type:Sale

The multifamily property located at 275 N. Federal Highway in Pompano Beach was recently sold for a total of $42,850,000. The transaction took place on 07/20/2021 and involved the sale of 144 units. The sale price per unit was $297,569.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $42,850,000
  • Address: 275 N. Federal Highway, Pompano Beach
  • Market: Pompano Beach

The buyer of the property was the Frankforter Group, represented by Yaakov Frankforter. On the other hand, the seller was the Meyers Group, represented by Stuart I. Meyers. Lorne Gornitsky from KW Commercial served as the buyer's representative, while Sasha Ezquerra and Santiago Illia from Apartment Lease-Up Experts acted as the seller's representatives.

Players

Lorne Gornitsky
Keller Williams Realty
Lorne Gornitsky
2 deals$76.9M volume
BROKER
Sasha Ezquerra
Sasha Ezquerra
1 deal$42.9M volume
BROKER
Santiago Illia
Santiago Illia
1 deal$42.9M volume
BROKER
FG
Frankforter Group
BUYER
Stuart Meyers
Stuart Meyers
4 deals$137.3M volume
SELLER

Details

SOLD
IMAGE: Lorne Gornitsky, Yaakov Frankforter & Stuart I. Meyers DATE: 07/20/2021 ADDRESS: 275 N. Federal Highway MARKET: Pompano Beach ASSET TYPE: Multifamily BUYER: Frankforter Group - Yaakov Frankforter SELLER: Meyers Group - Stuart I. Meyers BUYER'S REP: Lorne Gornitsky - KW Commercial SELLER'S REP: Sasha Ezquerra & Santiago Illia - Apartment Lease-Up Experts SALE PRICE: $42,850,000 UNITS: 144 ~ PPU: $297,569

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,285,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$152,237.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$203,130.86
Annual Debt Service$2,437,570.33