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South Florida

Chetrit sells Hollywood apartments for $19M

The Royal Oaks Townhomes in Hollywood
The Royal Oaks Townhomes in Hollywood

A member of the Chetrit family just sold an apartment community in Hollywood for $19 million.

The Royal Park Townhomes, a rental complex with 69 units, was sold by Hollywood Park Partners LLC in a deed filed Friday. Corporate records show the company is managed by Robert Wolf, former CEO of U.S. Investment Bank, and Juda Chetrit.

Juda is one of four brothers who belong to the Chetrit family of investors, which is heavily involved in New York real estate.

News broke in 2011 that the family had split on bad terms, with two brothers continuing under the Chetrit Group brand, while the other two started the Chetrit Organization. Juda was one of the brothers to head the new company.

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Royal Oaks, at 3200 Stirling Road, was built in 2008 by the Chetrit Group. The group paid $4 million for the site in 2004.

Broward County records show the buyer is Royal Oaks United LLC, which is linked to Monument Real Estate Services. The Miami-based company acquires and manages income producing properties, such as the Royal Oaks rental community.

Meanwhile, the other side of the family still under Chetrit Group is proposing to build a massive multifamily development along the Miami River.

UPDATE 09/08/2015: Monument purchased the apartments as part of a joint venture with FM Capital, a real estate company with offices in New York and Florida. A news release from FM says the sale was an off-market deal that closed in 30 days. The purchase was financed with a $13 million loan from Silverpeak Real Estate Finance.

“FM Capital purchased this asset because of its high quality, excellent location, and our belief in the growth of the sub market and area’s economic and demographic characteristics,” Aaron Kurlansky, a principal with FM Capital, said in a statement.

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