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The Real Deal Miami

Hollywood rentals trade for $8.2 million

September 02, 2017 10:15AM

The pool at Park Cole Apartments in Hollywood

An 87-unit apartment complex in Hollywood sold in an off-market deal for $8.2 million, or $94,253 per unit.

Coastline Management bought the single-story Park Cole Apartments complex at 2635 and 2643 Lincoln Road in Hollywood, just west of Young Circle. The seller was Park-Cole Corp.

Park Cole Apartments is located on a 2.42-acre site and has 52 studios and 35 one-bedroom apartments.

Ronald Meyerson, senior vice president of multifamily sales at Cedano Realty Advisors, represented the buyer in the transaction, which closed Friday.

Park Cole Apartments “has a nice cash flow and future value-add potential through in-unit and exterior upgrades,” Meyerson said in a prepared statement.