Off-Market Apartment Complex Sale Fetches $8.2 Million

Sep 05, 2017 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, represented the buyer in the purchase of the Park Cole Apartments, a single-story apartment complex located at 2635 and 2643 Lincoln Road in Hollywood.

Coastline Management acquired the 87 residential units from Park-Cole Corp. in an off-market deal for a total of $8.2 million, or $94,253 per unit

Park Cole Apartments is comprised of 52 studios and 35 one-bedroom units, all furnished, situated on 2.42 acres.

 

“This property sits in a nice pocket in Hollywood, just west of Young Circle,” commented Meyerson. “It has a nice cash flow and future value-add potential through in-unit and exterior upgrades.”

The deal closed September 1.

 

 

 

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Broward County Multifamily, Industry News, Multifamily
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