(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

FORT LAUDERDALE, FL—A vacant mobile home park will soon be transformed into a high-end multifamily development. JAG-Star Pompano, a joint venture between Jefferson Apartment Group and Starwood Capital Group, snapped up the land from Lighthouse Capital Funding for $6.075 million.

Formerly known as Bali Hi Mobile Home Park, the nine acres of land has the land use and zoning regulations for multifamily development. The buy spans three adjacent parcels located at 4009-4011 North Federal Highway in Pompano Beach.

Dennis F. Palumbo Realty negotiated the deal with both the buyer and the seller.
Real estate attorney Bonnie Miskel from Boca Raton assisted with the due diligence process.

“JAG-Star are sophisticated developers and investors that like great real estate and they have a penchant for good value as well,” Dennis Palumbo, president of Dennis F. Palumbo Realty, tells GlobeSt.com. “The Pompano site was a REO property. Because the site was already entitled and approved for multifamily use, JAG-Star moved quickly to acquire the property, on an all cash basis, for their future development purposes."

JAG-Star is planning a 240-unit class A multifamily residential community on the site in a series of four-story buildings with surface parking and attached private garages. The project will break ground in the first quarter of 2013. The sales price translates to $15.34 per square foot of land area or $25,312 per unit.

The multifamily site is especially strategic in the Pompano Beach market. JAG-Star’s project and the planned Walmart, Whole Foods Market, PNC’s regional banking center and Gordon Food Service’s facility are all located along a 1.7-mile stretch of N. Federal Highway.

“These significant commercial, retail and residential projects are very positive economic indicators for the cities of Pompano Beach and Lighthouse Point,” Palumbo says. “Moreover, they will contribute to the local economy, job creation, new housing and the ongoing revitalization of this Federal Highway corridor.”