Starwood sells apartment complex in Pompano to Harbor Group International for $55M

Starwood developed the 8.56-acre property into a 243-unit rental community

Jun.June 20, 2018 08:45 AM

Jefferson Lighthouse Place and Barry Sternlicht

Starwood Asset Management just sold a Pompano Beach apartment complex to Harbor Group International for $55 million, property records show.

Starwood affiliate JAG Star Pompano LLC sold Jefferson Lighthouse Place, a 243-unit luxury apartment building at 4411 North Federal Highway, to JRM Jefferson LLC and Azure Pompano LLC, companies tied to Harbor Group.

Harbor Group, a global asset manager with more than 193 assets valued at $7.3 billion, paid about $226,000 per apartment for the Pompano property.

Available units range from about $1,426 to $2,074 a month, according to the Jefferson Lighthouse Place’s website.

The complex was completed in 2016 on an 8.56-acre lot and features a pool, fitness center and an outdoor living room. Starwood paid $6 million for the development site in 2012, according to property records.

Starwood Senior Vice President James Kane signed the deed transfer of ownership over to the Harbor Group companies. A mortgage was not recorded.

In April, Starwood and joint venture partner Lon Tabatchnick sold the Margaritaville Hollywood Beach Resort to KSL Capital Partners for $190 million.

About a year ago, Harbor Group paid $158.5 million for a 700-unit rental complex in Pembroke Pines.

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