Woodward Properties Acquires Amberstone Apartments In Pompano Beach For $24.1M

Amberstone Apartments in Pompano Beach were sold for $24.1 million. The property, located at 460, 470 & 520 East McNab Road, spans 4.16 acres and comprises a multifamily asset. The transaction included 124 units, with a price per unit of $194,355. The total square footage of the property is 105,746, resulting in a price per square foot of $228.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $24,100,000
• Address: 460, 470 & 520 East McNab Road
• Market: Pompano Beach
• Acres: 4.16

The buyer of Amberstone Apartments is Woodward Properties, represented by Connor Woodward. The seller of the property is KVR Properties, represented by Arvind Reddy and Krishna Persaud. CBRE Multifamily Capital served as the lender in the transaction.

This transaction resulted in a discount compared to the previous sale of Amberstone Apartments, which took place a year ago at a price of $26.29 million. The discount can be attributed to higher interest rates and increased property insurance costs impacting commercial real estate prices.