Jefferson Apartment Group, a leading multifamily developer and operator specializing in premier apartment communities throughout the Eastern U.S., announces today the sale of Jefferson Lighthouse Place, a 243-unit luxury apartment community in Pompano Beach, Florida.
The buyer, Norfolk, Virginia-based Harbor Group International acquired the luxury apartment complex for $55 million. The sale, which equates to approximately $226,337 per unit was part of a joint venture between Jefferson Apartment Group and Starwood Asset Management.
“Jefferson Lighthouse Place is an exceptional property offering unparalleled, best-in-class amenities. This was the final asset in the JAG/Starwood venture which committed $350 million into a fund to buy and develop apartment assets. We have confidence in this market and continue to seek new development and acquisition opportunities in South Florida,” noted Jim Butz, CEO, Jefferson Apartment Group. “The endeavor was very successful and we look forward to more opportunities with the Starwood team.”
Built in 2015, Jefferson Lighthouse Place is an 8-acre, 243-unit, Class A property located approximately 20 minutes north of Fort Lauderdale and 15 minutes south of Boca Raton in Pompano Beach, Florida. The luxury, condominium-quality apartments feature nine-foot ceilings, chef-grade kitchens with granite countertops, and full-sized washer and dryers in each unit. The common areas amenities include a resort-style pool, fitness center, outdoor living room, kitchen and grill area with TV, billiards, and lounge seating.
About Jefferson Apartment Group
Jefferson Apartment Group is a full-service real estate firm specializing in multifamily and mixed-use real estate investments through acquisition, development, construction, and property management services. JAG focuses on urban, transit-oriented assets located in high barrier-to-entry markets on the East Coast. The firm is committed to creating and managing communities that are high quality, innovative and environmentally responsible.