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South Florida

New York investors buy Hollywood apartment building: $7.2M

Apartment building at 5230 Hollywood Boulevard
Apartment building at 5230 Hollywood Boulevard

A 63-unit apartment building in the Venetian Isles area of Hollywood has traded hands for $7.2 million.

Jacob El-Harar sold the building at 5230 Hollywood Boulevard to Burke Leighton Asset Management, Emile Farah, CEO of the Farah Group, told The Real Deal. Farah, as well as Jean Kelly and Zena Bardawell of the Farah Group, represented both sides of the transaction.

farahfeech

Emile Farah

New York-based Burke Leighton is a private equity investment company that owns and manages residential and commercial real estate properties, according to its website.

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“The buyer is going to keep it as an income producing property,” Farah told TRD. “It’s a beautiful building. It is well kept and it has been totally remodeled and is almost fully leased.”

 

Farah said Burke Leighton financed the deal with $4.7 million in commercial mortgage backed securities (CMBS) financing, from a group led Miami Beach-based LNR Property that also included Berkadia and KeyBank. “Those loans are not easy to get approved, but our client, the buyer, was approved immediately,” Farah said.

Broward County property records show the building was last purchased in July 2012 for $4.05 million.