Griffis, MAP Communities Purchase South Florida Rentals

A Pompano Beach apartment building traded for $41 million, marking a slight discount from its price four years ago, while a Boca Raton rental complex sold for $30 million.

Greenwood Village, Colorado-based Griffis Residential bought the eight-story, 144-unit building at 275 North Federal Highway in Pompano Beach from Montreal-based Frankforter Group, according to records and real estate database Vizzda. The buyer borrowed $29.5 million from Chicago-based PPM America for the purchase.

Also, Matthew Paul’s MAP Communities bought the 106-unit Boca Villa Apartments complex at 100 West Hidden Valley Boulevard in Boca Raton from Edwidge Realty and Marina & Briana limited partnerships. MAP took over a $32.5 million loan on the complex, with a $28.5 million balance, provided by Greenwich, Connecticut-based lender Ellington Financial.

The deals come at a dubious time for South Florida’s multifamily market. While leaseups have taken a hit due to hefty completions in recent years and a slower influx of out-of-staters, landlords also have felt the sting from elevated interest rates and increases in other costs such as insurance, leading some to sell at a discount.

The Pompano Beach building was completed in 2019 on a 0.8-acre site, property records show. Frankforter, led by Yaakov Frankforter, paid $42.9 million for the building in 2021, meaning the recent sale marked a 4.3 percent discount from the 2021 price.

The building, called Griffis Pompano Beach, consists of one-bedroom units to three-bedroom units, with monthly rents ranging from $2,175 to more than $2,895, according to the property’s website.

The Boca Raton complex sits on 7.2 acres. It was completed in two phases. The first five two-story buildings with 53 units, combined, were finished in 1988. In 2021, another 53 units were completed in one three-story building and one five-story building.

Boca Villa Apartments consists of one-bedroom units to three-bedroom units, Vizzda records show. Rents aren’t listed.

Griffis, led by Ian Griffis and David Birnbaum, is a multifamily owner and manager with a portfolio of 30 communities spanning 9,000 units across 13 national markets, according to its website. It has ramped up its South Florida investment.

In June, Griffis paid $87 million for the 15-story, 223-unit apartment building at 345 Banyan Boulevard in downtown West Palm Beach.

MAP Communities was founded in March by Paul, who previously was vice president for Florida at single-family rental homes developer Christopher Todd Communities, according to his LinkedIn. MAP has focused its investment in South Florida, amassing a portfolio of about six properties since it was founded.

In other recent South Florida multifamily deals, Ortsac Capital Group bought the 206-unit Ventura Pointe complex at 7850 Pasadena Boulevard in Pembroke Pines for $52.5 million last month. It marked a 5.6 percent discount from the property’s 2019 price.

Also last month, Greystar and Artemis Real Estate Partners bought the 220-unit age-restricted Everleigh Palm Beach Gardens complex at 3660 RCA Boulevard in Palm Beach Gardens for $69.4 million.