American Landmark JV buys Hollywood apartments for $56M, plans renovations
Deal for 316-unit complex breaks down to $177,215 per unit
UPDATED, July 25, 5:15 p.m.: A joint venture between American Landmark and RSE Capital just purchased a multifamily complex in Hollywood for $56 million.
The seller, Delavaco Group, kept a 20 percent stake in the Park Colony Apartments at 812 South Park Road, a company spokesperson said.
The 316-unit, nearly 13-acre property sold for about $177,215 per unit. It’s next to the Orangebrook Golf & Country Club.
Records show a Delavaco affiliate, Park Colony, LLC, bought the complex in 2013 for $41.5 million.
Ronald Meyerson with Cedano Realty Advisors and UrbaniZa Realty’s Ray Jourdain represented the buyer. The seller was represented by Dallas Wharton of Dalmar Real Estate Group.
The Park Colony Apartments were completed in 1987. The complex features up to three-bedroom apartments with rents averaging $1,450 a month, according to Jourdain. Amenities at the gated community include two pools, a fitness center, dog park, tennis court and business center.
Jourdain said the apartment complex was nearly 100 percent occupied at the time of closing. The joint venture plans to rename the community “The EnV” and will be spending up to $3.5 million on renovations, including adding granite table tops, revamping its pools and fitness center and expanding the community clubhouse, he said.
The Park Colony Apartments is one of a handful of multifamily complexes that have fetched price tags above $50 million in Hollywood. In December, Ram Realty Services and Pinnacle Housing Group sold a nearby apartment complex they developed for $90.3 million.
Affordable workforce and luxury apartment builder Pinnacle Housing Group is also planning to build an affordable senior housing development near the city’s downtown.