A Surfside-based real estate investment firm completed a $33.9 million bulk condo purchase in Hollywood.
An affiliate of Infinity BH Corp., led by Ighal Goldfarb, acquired 160 condos at the 192-unit Luna at Hollywood at 3600 Van Buren Street, according to records. Infinity BH paid $212,000 per unit and obtained a $22 million mortgage from First Republic Bank.
A Berkadia team led by Yoav Yuhjtman and Roberto Pesant marketed the property for the seller, Prashkovsky Investments USA LLC. In 2019, Prashkovsky paid $19 million for the 160 units, records show.
Built in 1968, Luna at Hollywood spans four four-story buildings. The condo complex has a mix of one-and-two-bedroom units averaging 1,055 square feet, a press release states. The property was converted into condominiums in 2007.
Half of the units feature upgraded kitchen cabinets, new stainless steel appliances and new hard surface flooring, the release states. Amenities include two resurfaced swimming pools, a fitness center and a clubhouse.
The new owner has an opportunity to finish the capital improvement plan and capitalize on the trend of strong rent growth, Yuhjtman said in a statement. As part of its purchase, Infinity BH Corp. also took over control of the Luna at Hollywood condominium association. The new owner plans to continue to market the units as rentals, the release states.
Prashkovsky CEO Adi Karadi said his firm decided it was the right to sell the 160 units due to current market conditions and Prashkovsky’s shift to developing new projects and buying recently completed condo and multifamily units.
The Luna at Hollywood deal marks the second bulk condo purchase for Infinity BH in the past two years. In 2020, the firm paid $26 million for 229 out of 368 units of the Lakeside Condominiums in Lauderdale Lakes.
Bulk condo deals have accelerated in South Florida since the deadly collapse of Champlain Towers South in Surfside last year. Recently, Menachem Kranz paid $6.5 million for all 10 units of a waterfront Bay Harbor Islands condominium. Kranz plans to replace the two-story building with a boutique condo development.
Two Roads Development is about to complete the bulk purchase of condo units at Biscayne 21, an 11-story, 191-unit building at 2121 North Bayshore Drive in Miami’s Edgewater. The firm plans to redevelop the property as a three-tower luxury residential complex.
In March, a joint venture between the Related Group and 13th Floor Investments offered $500 million to buy out the owners of the 570-unit Castle Beach Club in Miami Beach. The same month, Torres Properties paid $17 million for an entire condo building in North Bay Village that is leased to a short-term rental operator.