A New York investor paid $11 million for a multifamily portfolio in Hollywood, The Real Deal has learned.
Brooklyn-based Elite Acq, led by CEO Harry Bodansky, bought seven single-story apartment buildings and a single-story office building near downtown Hollywood, according to the seller’s broker, Jacob Serure.
Known as the Colony Club Apartments, the multifamily buildings are at 1911, 1913 and 1927 Taylor Street; 403 North 19th Avenue; 400-430 North 19th Avenue; 432-462 North 19th Avenue; and 301-331 North 20th Avenue. The office building at 1900 Taylor Street is the management office for Colony Club, Serure said.
The properties are less than a half-mile north of Hollywood’s Young Circle and of two single-story office buildings that Indianapolis-based MHG Hotels plans to redevelop into an 112-room Courtyard by Marriott hotel.
Serure, of SRE Commercial Group, arranged the off-market deal. Nelson Ilceus with Colliers represented the buyer.
In 1998, seller Hollywood Investments Group, managed by Robert Fileni, paid $1.9 million for the eight properties, according to records. The buildings were completed between 1948 and 1975.
“I never went to the open market to find a buyer,” Serure said. “I procured the buyer via a well established relationship with agents at Colliers. This property is very much a value-add deal.”
The Colony Club, which has a total of 97 units, is fully occupied, Serure added.
Amid a flurry of blockbuster deals such as Honolulu-based Shidler Group’s $108.3 million acquisition of a Fort Lauderdale apartment complex, investors are also honed in on smaller multifamily properties in the ongoing frenzy to capitalize on the red hot rental demand in South Florida.
Earlier this month, Boca Raton-based Eretzor Group bought a 10-unit apartment project in West Palm Beach for $6 million. And an entity tied to New York-based real estate investment firm SixPine, led by Haig Sarkissian, paid $10.1 million for three apartment buildings in North Miami with a combined 56 units.