Overlook Pointe

Pompano Beach, Florida

Historical Transaction

Units: 249
NRSF: 218,291
Total Capital: $46.9 million
Equity Invested: $16.3 million
Status: Sold
Realized Multiple: 1.7x
Realized IRR: 10%

MMP acquired the site in October 2013 and finished construction on Overlook Pointe in July 2015. Overlook Pointe has upscale common areas which include a resident clubhouse with leasing center, exercise facility, cyber lounge, billiards room, and a resort-style swimming pool and courtyard. A rooftop garden terrace offers views over the City of Lighthouse Point to the Intracoastal Waterway and the Atlantic Ocean.
Located in the affluent Lighthouse Point neighborhood, Overlook Pointe is in a desirable residential community that boasts some of the highest property values in the country. The project offers frontage on Federal Highway with easy access to the employment bases in Boca Raton (five miles), Cypress Creek (eight miles) and downtown Fort Lauderdale (13 miles).
MMP successfully executed the investment’s business plan, delivering a quality apartment complex and actively leasing up to stabilization. The closing of the sale of Overlook Pointe for $58.5 million occurred on August 1, 2019.