Pompano apartments fetch $22.5 million

Private investor acquires 300-unit Whispering Isles community

Aug.August 28, 2014 02:15 PM

The Whispering Isles apartment complex in Pompano Beach changed hands for $22.5 million.

A private investor acquired the 300-unit community at 250 West Sample Road, according to a written statement released on Wednesday by Marcus & Millichap, which represented the buyer. The firm did not disclose the buyer’s company name. The complex was originally constructed in 1974 and renovated in 2003.

Whispering Isles L.P. is the seller. The company is tied to Centerline Mortgage Capital of New York.

The complex is comprised of eight two-story buildings with a mix of 179 one-bedroom apartments and 121 two-bedroom units. Amenities include two swimming pools, a fitness center and clubhouse. Marcus & Millichap’s Fort Lauderdale-based first vice president of investments Tal Frydman and senior associates Derek Gibbs and Daniel Cunningham represented the buyer.

With few large multifamily properties on the market in South Florida, “buyers are instead targeting older assets where physical improvements can justify raising rents to a level closer than to those charged for new units,” Frydman said. — Eric Kalis

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