Cortland pays $92M for Hollywood apartment complex

Deal equates to $273K a unit

Miami /
Jan.January 13, 2021 04:30 PM
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)

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

An Atlanta-based real estate investment firm paid $91.7 million for a 336-unit Hollywood apartment complex.

Cortland Partners bought the 377,000-square-foot complex, called “Parc Station,” at 1900 to 2300 North 29th Avenue, according to records. The deal equates to about $273,000 a unit.

The seller is a company tied to New York-based JPMorgan’s asset management arm and a holding company called LP 1A REIT Unlevered Holding LLC. In 2017, a separate company managed by JP Morgan bought the building for $90.3 million.

Developers Ram Realty Services and the Pinnacle Housing Group opened Parc Station in 2016.

Matthew Lawton, Maurice Habif, Simon Banke and Ted Taylor of JLL represented the seller in the deal.

At that time, monthly rents at the complex started at $1,550. An online listing shows monthly rents now range from $1,626 for a one-bedroom unit to $2,263 for three-bedroom units.

Cortland, led by Steven DeFrancis, has made other investments in South Florida’s multifamily market recently. In July, it paid $73.9 million for the Depot Station apartment complex in Delray Beach.

Recent activity from JPMorgan’s asset management arm include the launch of a $700 million fund focused on developing single-family and multifamily rental properties in Sunbelt cities, and landing a $400 million refinancing on its office tower at 605 Third Avenue in New York.






    Related Articles

    arrow_forward_ios
    President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
    Addiction treatment center operator pays $12M for Delray Beach apartments
    Addiction treatment center operator pays $12M for Delray Beach apartments
    Celebration Pointe and Andrew Farkas (Garco)
    Island Capital affiliate pays $64M for Margate apartments
    Island Capital affiliate pays $64M for Margate apartments
    Renderings of Wave 70 and Wave 90
    Dania Beach approves 760-unit apartment complex next to Dania Pointe
    Dania Beach approves 760-unit apartment complex next to Dania Pointe
    AHS Residential CEO Ernesto Lopes and AEW Global CEO Jeff Furber with 13700 Southwest 256th Street (Google Maps)
    Alphabet soup: AEW pays AHS $57M for Homestead apartments
    Alphabet soup: AEW pays AHS $57M for Homestead apartments
    Investcorp co- CEOs Hazem Ben-Gacem and Rishi Kapoor, Ventures CEO Tom Scott and 135 Northwest 20th Street in Boca Raton (Investcorp; Ventures; Google Maps)
    CA Ventures buys Boca Raton apartment complex for $80M
    CA Ventures buys Boca Raton apartment complex for $80M
    Laurent Morali and Charles Kushner (iStock)
    Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
    Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
    Rendering of The Linton and Craig Menin
    Menin Development wins initial approval for redevelopment of Delray Beach shopping center
    Menin Development wins initial approval for redevelopment of Delray Beach shopping center
    Midtown Five with (from top) Magellan CEO David Carlins, Sterling Equities' Fred Wilpon and Saul Katz 
    Magellan sells Midtown Miami apartments for $154M
    Magellan sells Midtown Miami apartments for $154M
    arrow_forward_ios

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

    Loading...