The Real Deal Miami

Ram, Pinnacle sell Hollywood apartment complex for $90M

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

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.