Troubled Hollywood apartment complex sells for $3.1 million

Dec.December 11, 2009 12:35 PM

A Dania Beach-based holding company has purchased the Mediterranean at Young Circle, a 24-unit rental property at 1800 Jackson Street in Hollywood, for $3.1 million. The price, which translates to $129,167 per unit, was something of a drop in expectations for the West Palm Beach investment entity, identified only as Mediterranean Development LLC, that started the project as luxury condominiums in 2005, then scaled it back to rentals after most sales contracts evaporated by August 2007. Lenders began foreclosure proceedings soon afterwards. “The buyer plans to aggressively lease the one-, two- and three- bedroom units which are all condo-quality and new construction product,” said Elliot Shainberg, of Marcus & Millichap’s Miami office, who represented the buyer. The brokerage declined to disclose the identity of the buyer. Fort Lauderdale-based Evan Kristol and Still Hunter, respectively the senior vice president of investments and first vice president of investments at Marcus & Millichap Real Estate Investment Services, represented the seller. TRD

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