CSL Pays $73M for Pompano Beach Apartments in Portfolio

CSL, a Montreal-based apartment investor, has paid $73 million for Aviara East Pompano, an eight-story, 228-unit community at 1621 South Dixie Highway in South Florida, according to Commercial Real Estate Direct. The price works out to $320,175 a unit for the 2024-built property, which the buyer acquired from Aviara Properties in an off-market deal arranged by Cushman & Wakefield.

Why it matters

The per-unit number is the one developers and multifamily builders will actually use. At $320,175 a unit for a one-year-old, amenitized asset, Aviara East Pompano priced well above older trades in the same submarket this year, including the $284,722 a unit Griffis Residential paid for the 144-unit Saba Pompano Beach in January. That gap shows institutional buyers are still paying up for new construction even as older Broward multifamily stock trades at a discount, a signal for anyone underwriting new development in the corridor.

The numbers

Cushman & Wakefield’s Roberto Pesant, Jose Mota and Wouter Lips represented both Aviara Properties and CSL on the sale, which closed as part of a two-property, 264-unit portfolio. The other asset, the 36-unit Aviara on the Ave in Lake Worth, built in 2021, did not carry a disclosed price, so no blended portfolio price per unit is available. Aviara East Pompano’s resort-style pool, fitness center, gated access and covered parking are typical of the newest wave of Broward multifamily product coming to market. Pesant said Pompano Beach has drawn more than $5 billion in institutional investment across asset classes.

What’s next

Watch whether CSL, which is expanding its South Florida footprint with this deal, brings more Sun Belt capital into Broward’s newer multifamily stock, and whether Aviara Properties redeploys sale proceeds into its next Pompano Beach or Palm Beach County project.