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Sterling Equities pays $95M for Pompano Beach apartments

Sterling Equities pays $95M for Pompano Beach apartments

An affiliate of Sterling Equities paid $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway.

The Great Neck, New York-based development firm bought the Broadstone Oceanside complex, with 204 apartments and seven townhouses, at 1333 South Ocean Boulevard, according to records. The project is across the street from the Atlantic Ocean.

The seller, CRP/AR Oceanside Owner LLC, shares an address with Washington, D.C.-based private equity and asset management firm The Carlyle Group, and the complex was also developed by Merrimac Ventures and Alliance Residential.

The seller bought the land in 2017 for $15.8 million from a company affiliated with Merrimac, according to records. Broadstone Oceanside was built last year.

An online listing for Broadstone Oceanside shows available units of up to three bedrooms. A 2,000-square-foot three-bedroom unit is available for $4,750 a month. A 760-square-foot one-bedroom is available for $2,231 a month.

Private equity and asset management firm Carlyle and Alliance Residential have partnered on other Broadstone-branded apartment projects in the past, according to multiple media reports and records. Examples include Broadstone Winter Park and Broadstone Plantation.

The Carlyle Group is led by Kewsong Lee. Phoenix-based Alliance is led by Bruce Ward. Merrimac is based in Fort Lauderdale and led by Dev Motwani.

Sterling is run by the Wilpon and Katz families. Earlier this year, the Wilpons sold a stake in the New York Mets MLB team, giving hedge fund manager Steve Cohen majority ownership.

In June, Greystar bought 13,000 apartments from Alliance Residential, which is the fourth largest apartment manager in the U.S., in a nearly $200 million all-cash deal.

In January, global asset manager Nuveen Real Estate paid $103.49 million to a company tied to Alliance Residential for the 315-unit Broadstone City Center in West Palm Beach.

Earlier this year, Merrimac Ventures brought on another developer, which secured a $4.7 million loan, with plans to bring an eight-story, mixed-use multifamily project to Dania Beach. Merrimac bought a development site in Fort Lauderdale’s Flagler Village for $14 million in September.

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Guy Clarizio

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