Luna at Hollywood sells for $19M in bulk condo deal

Miami /
Oct.October 28, 2019 10:46 AM
Luna at Hollywood, Peter Mekras of Aztec Group

Luna at Hollywood, Peter Mekras of Aztec Group

Updated: Oct. 28, 2019, 11:30 a.m.: The Luna at Hollywood complex sold for $19.05 million in a bulk condo deal.

Prashkovsky Investments USA bought 150 units of the 192-unit condominium from Eagle Management of Highland Park, Illinois, records show. The property has four buildings, two associations and a master association. The deal breaks down to $127,000 per unit.

Aztec Group, a Miami-based real estate investment and merchant banking firm, arranged the sale of the property, according to a release.

The property was built in 1968 and converted to condominiums in 2007. A majority of the remaining unsold condo inventory was acquired by Luna Capital Partners in 2015 for $12.3 million, records show. The property has operated as rental apartments for the last four years, according to a release.

The buyer also assumes a $10.6 million mortgage by acquiring the property. The Luna at Hollywood is right off Hollywood Boulevard and west of I-95.

Bulk condo deals, also known as fractured deals, allow investors to take ownership in a condo complex by purchasing individual condo units.

A handful of fractured condo deals have closed in South Florida in recent years. About a year ago, New York-based ESG Kullen paid $17.9 million, or about $151,500 per unit, for a bulk condo deal in Boynton Beach.

Axonic Properties, also of New York, picked up 224 units of a 385-unit complex in West Palm Beach for $13.75 million, or about $61,000 per apartment, in 2016.


Related Articles

arrow_forward_ios
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
777 North Ocean Drive, Hollywood (Credit: Google Maps)

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos

Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
From left: Developer Jesus Quintero, Chad Carroll, and the Quint Collection

Chad Carroll takes over sales of waterfront Hollywood townhomes

Chad Carroll takes over sales of waterfront Hollywood townhomes
arrow_forward_ios

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

Loading...