J. Milton buys Pompano Beach apartment complex from Canyon Partners

Palm Island apartments, built in 1972, encompasses 402 units in 13 buildings

Apr.April 16, 2018 02:35 PM

Palm Island rentals and Canyon Partners Co-Chairman Mitch Julis (Credit: Realtor.com and Canyon Partners)

Two years after making its first foray into the South Florida real estate market, the Canyon Multifamily Impact Fund just sold its initial investment, a Pompano Beach apartment complex, for $39.8 million.

RCA data shows CMIF Palm Islands LLC, a joint venture between Citi Bank’s community development lending division and the California hedge fund Canyon Partners, sold the Palm Island apartments to J. Milton & Assoc.

Pompano Palms Apartments LLC, led by J. Milton’s Rex Barker, bought the 402-unit rental community at 401 Northwest 34th Street for about $99,000 per unit. The complex, built in 1972, includes 13 two-story buildings totaling more than 285,000 square feet.

Records show the fund paid $34.16 million for the property in November 2015. Canyon previously announced it would invest several million dollars to renovate the complex.

Cushman & Wakefield brokered the latest deal. A spokesperson for the brokerage declined to comment.

J. Milton is building several projects in South Florida. In East Little Havana, the Coral Gables-based developer is planning an apartment building with ground floor retail on a vacant lot near the Miami River and Marlins Park.

Related Articles

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Nick Perez and the site at 1116 North Ocean Boulevard (Credit: Google Maps)

Related to launch Pompano condo sales in Q1 2020

Daily Digest Miami

RNC’s winter meeting will be hosted at Trump Doral, developer scores $24M construction loan

Harbourside at Hidden Harbour rendering

Multifamily project planned along Pompano Beach canal

This vitamin maker sells off Pompano Beach warehouse after layoffs

This vitamin maker sells off Pompano Beach warehouse after layoffs

Rendering of Aviara East Pompano and Maher Hanna (Credit: LinkedIn)

Multifamily project on Pompano Beach scrapyard site moves forward

First Industrial Realty Trust CEO Peter E. Baccile, 1001 Northwest 12th Terrace and 1021 Northwest 12th Terrace in Pompano Beach (Credit: Google Maps)

First Industrial Realty picks up two properties in Pompano Beach

Pompano Beach imposes six-month moratorium on self-storage development (Credit: iStock)

Hold onto your stuff: Pompano Beach suspends self-storage development