Pompano Beach Multifamily Trades for $55M
Jefferson Lighthouse Place, built in 2015, is currently 94% occupied. HGI reports it plans to spend an additional $850,000 on capital improvements at the property located at 4411 North Federal Highway.
POMPANO BEACH, FL—A partnership of the Jefferson Apartment Group of McLean, VA and Starwood Asset Management, which is based in Atlanta, has sold the 243-unit Jefferson Lighthouse Place apartment community here for $55 million.
The property was acquired by Harbor Group International of Norfolk, VA. The sale transaction calculated out to approximately $226,337 per unit. Jefferson Lighthouse Place, built in 2015, is currently 94% occupied. HGI reports it plans to spend an additional $850,000 on capital improvements at the property located at 4411 North Federal Highway.
HGI currently owns more than 3,500 units throughout Florida and nearly 1,000 in South Florida. In May of this year, HGI affiliates acquired two Class A apartment communities in Orlando.
“This was the final asset in the JAG/Starwood venture, which committed $350 million into a fund to buy and develop apartment assets. We have confidence in this market and continue to seek new development and acquisition opportunities in South Florida,” says Jim Butz, CEO, Jefferson Apartment Group. “The endeavor was very successful and we look forward to more opportunities with the Starwood team.”
Built in 2015, Jefferson Lighthouse Place sits on eight acres and features nine-foot ceilings, chef-grade kitchens with granite countertops, and full-sized washer and dryers in each unit. The common areas amenities include a resort-style pool, fitness center, outdoor living room, kitchen and grill area with TV, billiards, and lounge seating.
“Jefferson Lighthouse is a luxury apartment community with a desirable range of amenities, benefiting from an infill location in a strong market,” says T. Richard Litton, Jr., president of HGI. “HGI continues to actively seek opportunities to acquire class A apartment properties in key markets such as South Florida.”
HGI, a private real estate investment and management firm, controls a portfolio of worldwide assets valued at $7.3 billion. HGI also has offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.8 million square feet of commercial properties and 30,000 apartment units.