Jay Krigsman Purchases Multifamily Asset At 111 Southwest Avondale Drive For $18.5M

The property asset involved is a multifamily building located at 111 Southwest Avondale Drive in Pompano Beach. The sale was completed for a total price of $18,500,000. The building comprises 124 units across a total area of 70,502 square feet, resulting in a price per unit of $149,193 and a price per square foot of $262.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $18,500,000
• Units: 124
• Square Footage: 70,502
• Price Per Unit: $149,193
• Price Per Square Foot: $262
• Buyer: Jay Krigsman
• Seller: Joseph Maiuro
• Brokers: Evan Richardson, Dillon Majeski, Daniel J. Cunningham, Cory Sanchez & River Rhoads - Marcus & Millichap

The Cunningham-Richardson Group of Marcus & Millichap represented both the buyer, Jay Krigsman, and the seller, Joseph Maiuro, in the sale. Daniel J. Cunningham, the lead agent on the deal, highlighted that the relationship with the seller, a generational owner, had lasted 18 years, making the transaction significant for their team as the seller transitions into retirement while passing the property on to the next chapter.