American Landmark JV sells Hollywood apartments for $70M

316-unit Park Colony Apartments sold for $220K per unit

From left: American Landmark’s Joseph Lubeck, Park Row Equity Partners’ President Alan Steinberg and the Park Colony Apartments at 812 South Park Road (Google Maps, American Landmark, Park Row Equity Partners)
From left: American Landmark’s Joseph Lubeck, Park Row Equity Partners’ President Alan Steinberg and the Park Colony Apartments at 812 South Park Road (Google Maps, American Landmark, Park Row Equity Partners)

A joint venture led by American Landmark Apartments sold a Broward County multifamily complex to a New York-led partnership for $69.5 million.

Park Row Equity Partners and Phoenix Realty Group, both based in Manhattan, along with two separate entities based in New Hyde, New York, acquired the Park Colony Apartments at 812 South Park Road in Hollywood, records show.

The group paid roughly $220,000 per apartment for the 316-unit garden style community. JLL Real Estate Capital provided the buyers with a $66 million mortgage, according to records.

Park Row Equity, led by President Alan Steinberg, is Park Colony’s majority owner with a 62.9 percent stake in the gated complex, the deed shows. The family office specializes in multifamily assets and owns 18 apartment properties in 11 states, including in central Florida, Park Row Equity’s website states. Park Colony is the firm’s first acquisition in South Florida.

The seller, a partnership between Tampa-based American Landmark Apartments and Washington D.C.-based RSE Capital, sold Park Colony for $13.5 million above its 2018 purchase price of $56 million, records show. Completed in 1987, the 13-acre complex features one-, two- and three-bedroom apartments.

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American Landmark, founded by CEO Joe Lubeck, is in wheel-and-deal mode. Recently, the multifamily investment firm paid $60.5 million, or about $283,000 per apartment, for Glen at Cypress Creek, a 214-unit apartment community in North Lauderdale.

Deals for South Florida garden-style rental communities remain steady as Miami-Dade, Broward and Palm Beach counties experienced more than 16 percent rent growth in the second quarter compared to the same period last year, according to CoStar.

This month, Indianapolis-based Birge & Held bought its second South Florida multifamily asset with a $55.1 million purchase of The Lakeridge at the Moors, a 175-unit apartment complex in the unincorporated Miami-Dade neighborhood of Country Club. In December, Birge & Held paid $91.5 million for The Pomelo, a 259-unit apartment complex in Miami Gardens.