The Real Deal Miami

Emerald Place in Hollywood sells for $31.5 million

All-cash deal for 300-unit complex

December 19, 2014 01:30PM

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Emerald Place

Emerald Place

A 330-unit apartment complex in Hollywood was sold for $31.5 million in an all-cash deal.

Emerald Place, at 3910 North 56th Avenue, had 39 offers including six from foreign investors, according to a release from CBRE, which arranged the deal.

“The attention from private, institutional and foreign capital on South Florida is unprecedented at the moment,” CBRE vice chairman Robert Given said in the release.

The buyer was Emerald Place Apartments LLC; the seller was Emerald Place LLC.

The complex has six four-story buildings and 229,204 square feet of rentable space sitting on 16 acres, and includes a swimming pool, clubhouse, and two tennis courts. — William J. Gorta

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