M
organ Group and Carlyle Group are moving forward with plans for a garden-style apartment complex in Pompano Beach after acquiring a redevelopment site for $18.8 million. The site includes a vacant Macy's store at the Pompano Beach Citi Centre mall, which was purchased by an affiliate of Morgan and Carlyle for $10 million. In a separate deal, they bought the surrounding parking lot from Sterling Organization for $8.8 million.

    The nearly 12-acre site will be transformed into eight four-story buildings with 356 apartments and 545 parking spaces. The project was approved by the Pompano Beach City Commission in 2021. Carlyle Group, led by CEO Harvey Schwartz, has $425 billion in assets under management and has invested heavily in South Florida real estate, including the sale of B Ocean Resort Fort Lauderdale for $126.9 million.

    Morgan Group, led by CEO Philip Morgan, is also developing a multifamily project in Sunrise, with 412 apartments and 40 townhomes planned on a 21-acre site. The company will set aside 68 affordable housing units as part of the development agreement with the city. South Florida's multifamily market is experiencing an unprecedented boom, with over 23,000 new apartments expected to be completed by year-end, despite slowing demand and rent growth in recent months.