Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)
An Atlanta-based real estate investment firm paid $91.7 million for a 336-unit Hollywood apartment complex.
Cortland Partners bought the 377,000-square-foot complex, called “Parc Station,” at 1900 to 2300 North 29th Avenue, according to records. The deal equates to about $273,000 a unit.
The seller is a company tied to New York-based JPMorgan’s asset management arm and a holding company called LP 1A REIT Unlevered Holding LLC. In 2017, a separate company managed by JP Morgan bought the building for $90.3 million.
Developers Ram Realty Services and the Pinnacle Housing Group opened Parc Station in 2016.
At that time, monthly rents at the complex started at $1,550. An online listing shows monthly rents now range from $1,626 for a one-bedroom unit to $2,263 for three-bedroom units.
Cortland, led by Steven DeFrancis, has made other investments in South Florida’s multifamily market recently. In July, it paid $73.9 million for the Depot Station apartment complex in Delray Beach.
Recent activity from JPMorgan’s asset management arm include the launch of a $700 million fund focused on developing single-family and multifamily rental properties in Sunbelt cities, and landing a $400 million refinancing on its office tower at 605 Third Avenue in New York.
"Hollywood" - Google News
January 14, 2021 at 04:30AM
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Cortland pays $92M for Hollywood apartment complex - The Real Deal
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