HOLLYWOOD, FL – Cushman & Wakefield has negotiated the sale of Royal Oaks Townhomes in Hollywood, FL, for $22.78 million. The luxury townhome community has 69 units and was 90 percent occupied at the time of sale.
Executive Managing Director Calum Weaver, with Cushman and Wakefield’s Florida Multifamily Team, represented the seller, Royal Oaks United, LLC, in the disposition of the property. The buyer is Preston Giuliano Capital Partners, LLC, a private investment firm focused on the acquisition and repositioning of multifamily real estate in South and Central Florida.
Royal Oaks Townhomes was completed in 2009. The fully gated community sits on 5.19 acres and features two-story units with three bedrooms, 2.5 bathrooms and 1,695 square feet of living space. Each residence includes a private garage, terraces and balconies and a semi-private back yard. Luxury community amenities include a tropical, lagoon-style pool and a community clubhouse. Market rents average $2,490.
“Royal Oaks presented a rare opportunity for an investor to acquire a boutique, luxury townhome community without any HOA obligations,” said Weaver. “Fully leased, the community offers strong in-place income and significant upside in stabilizing the rents at market levels as leases renew.”
Although it was originally designed as a “for sale” townhome community, Royal Oaks Townhomes has been a rental community since it opened. The residences could be sold individually in the future.
The community is situated in the Emerald Hills neighborhood of Hollywood, at 3200 Stirling Road. The location provides convenience to Interstate 95 and Florida’s Turnpike, allowing easy access to the major employment centers of Fort Lauderdale and Miami. In addition, the property is approximately one mile from two of South Florida’s expanding Tri-Rail stations.
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Weaver, as well as Zachary Sackley, James Quinn, Neal Victor and Errol Blumer in South Florida; Jay Ballard and Ken Delvillar in Orlando; Luis Elorza and Brad Capas in West Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Cushman & Wakefield: Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.