Ram, Pinnacle sell Hollywood apartment complex for $90M

JP Morgan-managed trust fund paid $269K per unit

TRD MIAMI /
Dec.December 15, 2017 11:30 AM

Parc Station and Ram CEO Casey Cumming (Credit: Ram Realty)

Ram Realty Services and Pinnacle Housing Group just sold an apartment complex in Hollywood for $90.3 million to a trust fund managed by JP Morgan, property records show.

Parc Station Acquisition LLC, an affiliation of Commingled Pension Trust Fund, paid about $269,000 per apartment for the 336-unit building at 2300 North 29th Avenue.

Monthly rents start at $1,550. Amenities include a pool with cabanas, a fitness center, outdoor kitchen and a clubhouse. Ram and Pinnacle completed Parc Station in June 2016.

The price per unit is in line with recent multifamily deals in South Florida. In Broward County, apartment sales this year averaged just under $200,000 per unit, up from the previous year’s average of $170,000 per apartment, according to a Cushman & Wakefield report.

Previous sales information for the Parc Station site was not available in property records.

The developers agreed to gift the city 6 acres of nearby land to convert a former trailer park into a public green space called the Charles F. Vollman Park, which features walking paths and a pond. The luxury apartment complex is near the Sheridan Street Tri-Rail Station and I-95.

Ram recently closed on the land and construction financing for a 226-unit apartment complex in Deerfield Beach called Deerfield Station. The Palm Beach Gardens-based developer has commercial projects throughout the Southeast. Its partner for Parc Station, Pinnacle, is an apartment builder headquartered in Miami.


Related Articles

arrow_forward_ios
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
The Emerald Hills golf course and Ari Pearl

Developers propose Nicklaus redesign of Emerald Hills golf course, luxury residences

Developers propose Nicklaus redesign of Emerald Hills golf course, luxury residences
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...