Hollywood Apartment Home Community Trades In $56 Million Off-Market Deal

Jul 23, 2018 No Comments by

Ronald Meyerson, P.A, Senior VP of Multifamily Sales with Cedano Realty Advisors, a Miami-based boutique real estate firm lead by Frank Rodriguez Melo, CCIM that specializes in multifamily and retail acquisitions and management, along with Ray Jourdain, President of UrbaniZa Realty, a multifamily specialist firm, represented the buyer in the purchase of Park Colony Apartments, a three-story apartment complex located at 812 S. Park Road in Hollywood.

Jourdain

Meyerson

The deal closed July 19.

Asset Development and Management Group LLC acquired the 316-unit apartment home community from Park Colony, LLC in a deal valued at $56 million, or $177,215 per unit.

Park Colony Apartments, built in 1987, is comprised of one-, two- and three-bedroom, pet-friendly units.

 

“My main focus for the last few years has been finding off-market opportunities and matching them with the right buyer,” commented Meyerson.  “In this case, Ray, the buyer’s representative, the seller’s representative and I worked for several months as a team to facilitate the transaction –  a genuine group effort that was a win for all involved.”

Wharton

Dallas Wharton, managing member and president of Dalmar Real Estate Group LLC, represented the seller’s interests throughout the sales process.

 

“Through our industry relationships we were able to secure a buyer and a robust selling price without having to go to market in the traditional sense,” explained Wharton. “This is something myself and team are proud of and strive to achieve for all our clients.  We are happy to have had the opportunity to exclusively market Park Colony and bring the transaction to a successful closing.”

The apartment community features gated access, dog park, and a business center, as well as easy access to Interstate 95 and Florida’s Turnpike.

 

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Broward County Multifamily, Industry News, Multifamily
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