HOLLYWOOD, FL - Pinnacle Housing Group has announced the sale of the new luxury rental community Parc Station in Hollywood, Florida, a joint venture with RAM. This $90.275 million sale transfers ownership of this 336-unit Class-A rental community by Stationside Partners (controlled by RAM and Pinnacle) to Parc Station Acquisition, an entity controlled by J.P. Morgan Investment Management on behalf of various pension funds.
Parc Station offers naturally modern living with direct proximity to the Sheridan Street Tri-Rail station and I-95. Parc Station features spacious apartment residences with high-end amenities that include open concept kitchens, granite countertops, stainless appliances, wood plank flooring, soaring ceilings, walk-in closets and Espresso cabinetry.
Designed as a resort-style community, Parc Station includes a sparkling pool, outdoor kitchen and entertainment space, walking and jogging trails, clubhouse, and 24-hour fitness center. Parc Station contains seventeen garden apartment buildings on 14 acres, adjoining Tri-Rail's Sheridan Street station. Construction was completed in the summer of 2016.
"This sale is the culmination of a journey which saw us acquire a mobile home park, close the park, secure complicated development approvals, and execute the development and financing plan in a complex and changing environment," noted David O. Deutch, one of Pinnacle's partners. "We are so grateful and appreciative of the partnership with RAM, whose skill and patience was instrumental in producing this exceptional outcome," Deutch points out. Included in the development plan was the preservation of a historic building and a 6 acre Live Oak canopy in the heart of the old mobile home park, resulting in the dedication of the Charles F. Vollman Park to the City of Hollywood at no cost to the city.
Pinnacle Housing Group is a full-service real estate development company that develops, builds, leases and owns affordably-priced and luxury-styled apartment homes. With a development portfolio surpassing 8,000 units concentrated in Florida, Mississippi and Texas, the Pinnacle family of developers has grown into one of the most successful developers of quality rental housing in the United States.
Source: Pinnacle Housing Group / #Apartments #Multifamily