Day Pitney Attorney Daniel Diaz Leyva has facilitated the closing of a $2.3 million development site on the Intracoastal Waterway in Pompano Beach for a future townhouse community. Mr. Diaz Leyva represented NY-based Highpoint Property Group, which acquired the site in a joint venture with local partner Akabas Properties.
Highpoint Property Group is a real estate developer, operator, owner and manager of a large portfolio of residential and mixed-use assets throughout the metropolitan New York and Tri-State areas. The acquisition of the site at 1601 N Riverside Drive in Pompano Beach marks Highpoint Property Group’s entrance to the South Florida real estate market.
The deal closed on Sept. 15, 2023.
“This deal underscores two trends in our market,” Mr. Diaz Leyva said. “First, New York developers increasingly see Broward County as a growth opportunity for their business. They are no longer targeting Miami or Fort Lauderdale. Instead, they are finding strategically located waterfront development sites in submarkets flying under the radar. Second, cash is king. With lenders tightening their lending standards, we’re seeing more activity with small-to-midsize deals, which often don’t require financing to close. This deal is a prime example of that trend.”
The name of the joint venture acquiring the property is SAAS 4524 Seagrape Lender LLC. The seller was Luna North LLC.
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