American Landmark JV buys Hollywood apartments for $56M, plans renovations

Deal for 316-unit complex breaks down to $177,215 per unit

Miami /
Jul.July 23, 2018 10:30 AM

Park Colony Apartments, Ray Jourdain and Ron Meyerson

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.


Related Articles

arrow_forward_ios
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)

Cortland pays $92M for Hollywood apartment complex

Cortland pays $92M for Hollywood apartment complex
Robert Suris and a rendering of the project

Hollywood approves downtown demolition, paving way for mixed-use apartment project

Hollywood approves downtown demolition, paving way for mixed-use apartment project
Todd Jones and Albert Banalloun, with a rendering of the project (Credit: Fisher Architects)

Hollywood Publix with boat dock advances

Hollywood Publix with boat dock advances
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty closes on Costa Hollywood Beach condos for $43M
Jorge Perez and Apogee Beach

Jorge Pérez lists Apogee Beach penthouse for $7.6M

Jorge Pérez lists Apogee Beach penthouse for $7.6M
Hollywood East and Vivian Dimond

Former H3 Hollywood rental tower lands $58M refi ahead of completion

Former H3 Hollywood rental tower lands $58M refi ahead of completion
The Hollywood waterfront home

Hollywood waterfront home sale sets new record for the city

Hollywood waterfront home sale sets new record for the city
Related Group Senior VP of Development Bill Shewalter and a site plan of the project (Related Group)

Related plans low-rise multifamily project in Hollywood

Related plans low-rise multifamily project in Hollywood
arrow_forward_ios

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

Loading...