The Avery Pompano Beach apartments were acquired by Frankforter Group.
APARTMENT LEASE-UP EXPERTS
By Brian Bandell – Senior Reporter, South Florida Business Journal
The Avery Pompano Beach apartments, which were completed last year in Pompano Beach, sold for $42.85 million.
Avery Place LLC, formerly called Pompano Atlantic LLC, managed by Stuart I. Meyers as CEO of Aventura-based Meyers Group, sold the 144 apartments at 275 N. Federal Highway.
The buyer was Pompano Beach Property LP, managed by Yaakov Frankforter, head of Montreal-based Frankforter Group. Arbor Realty Sr provided a $35.37 million mortgage to the buyer with a maturity date of July 15, 2026.
The price equated to $297,569 per unit. The deal was brokered by Sasha Ezquerra and Santiago Illia from Apartment Lease-Up Experts. The buyer was represented by Lorne Gornitsky at KW Commercial.
Located on a 35,255-square-foot site, Avery Place totals 171,306 square feet in eight stories. Amenities include a clubhouse, a pool, a fire pit, a waterfall, cabanas, a summer kitchen, a gym, a yoga room, a game room, a theater, a business center and a party room.