The buyers, Adam Shapiro and Matthew Paul of MAP Communities Acquires Multifamily Asset In Pompano Beach From Joesph Maiuro For $10M

The multifamily property located at 3400 Northeast 16th Terrace in Pompano Beach was sold for $10,000,000. It features a total of 56 units, comprising a square footage of 38,530, resulting in a price per unit of $178,571 and a price per square foot of $259.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,000,000
• Buyer: Matthew Paul & Adam Shapiro
• Seller: Joseph Maiuro
• Brokers: Daniel J. Cunningham, Evan Richardson, Dillon Majeski, River Rhodes & Cory Sanchez - Marcus & Millichap
• Units: 56
• Square Footage: 38,530
• Price Per Unit: $178,571
• Price Per Square Foot: $259

The brokers involved highlighted the property’s strategic location behind a Publix-anchored shopping center under development at the corner of Sample Road and Federal Highway. Daniel Cunningham, Senior Vice President of Investments, noted that the buyer plans to enhance the rental rates to align with market values while benefiting from increasing property values due to ongoing developments along Federal Highway and its proximity to Lighthouse Point.