The Real Deal Miami

A-Rod’s business partner sells Hollywood rentals for $23M

Preston Giuliano Capital Partners paid $330k per unit
By Keith Larsen | August 03, 2018 05:00PM

Stuart Zook, A-Rod and Royal Oaks townhomes (Credit: Wikimedia Commons)

Alex Rodriguez’s business partner just sold a townhome complex in Hollywood for $22.8 million, or about $330,000 per unit.

Property records show Royal Oaks United, owned by Stuart Zook, sold the 69-unit Royal Oaks apartment complex at 3200 Stirling Road to Preston Giuliano Capital Partners, a multifamily investment firm.

Monument Real Estate Services, owned by the former New York Yankees player, managed the property, a spokesperson said. Zook is a principal at Monument Capital Management, also owned by Rodriguez.

The buyer financed the deal with an $11.75 million mortgage from the American Family Life Assurance Company of Columbus, also known as Aflac.

Royal Oaks United purchased the 5-acre property in 2015 for $19 million from the New York-based Chetrit family. Chetrit paid $4 million for the land in 2004 and completed the complex in 2008. The townhouses rent for nearly $2,500 a month.

Calum Weaver of Cushman & Wakefield represented the seller.

The buyer, Preston Giuliano Capital Partners, led by Barry Preston and Michael Giuliano, has acquired more than 2,200 units in South Florida since 2011, according to its website.

Rodriguez, a Coral Gables resident, started investing in real estate in 2004 and his company, Monument Capital Management, acquires apartment buildings in Florida, the Gulf Coast and Texas. Zook is the chief investment officer, according to the firm’s website.