HOLLYWOOD, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Park Colony Apartments, a 316-unit multifamily community in Hollywood, Florida. The property will be renamed The EnV under new ownership.
The asset was 97 percent occupied at time of closing and will undergo approximately $3.5 million in capital improvements.
RSE Capital, a Washington D.C.-based firm that specializes in competitively priced, flexible and reliable capital solutions for real estate partners, provided joint venture equity for the acquisition.
American Landmark, and its debt and equity partner Electra America, are acquiring value-add properties in distinct locations across the Southeast. The firm, which has already acquired 14 properties this year worth over $700 million, expects to complete $1.5 billion in multifamily acquisitions in 2018.This is their fourth acquisition in the South Florida metropolitan area.
The firm plans to implement its standard enhancements to interiors and common areas with contemporary amenities, including granite countertops, backsplash, new plumbing and lighting fixtures, bathroom accessories, plank flooring, lush landscaping, and fresh paint. Improvements to and expansion of the community clubhouse, fitness center, and swimming pools will also be a large component of the renovation.
“The addition of The EnV to our South Florida portfolio allows us to further capitalize on the demand created by limited affordability. The EnV expands the menu of options to our residents with a commuter-friendly location and rents at a discount to downtown and beach-centric locales,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Vintage rental communities in Broward County are a novelty. The ability to acquire another asset in the Fort Lauderdale MSA gives us the opportunity to expand our offerings to residents and raise the standard of living.”
Built in 1987, Park Colony Apartments is located at 812 S. Park Road. One-, two-, and three-bedroom units offer dishwasher, refrigerator, washer/dryer, private balcony/patio, and ceiling fans. Community amenities include a business center, breakfast bar, dog park, two sparkling swimming pools, video library, and tennis court.
Situated in the Park East neighborhood of Hollywood, Park Colony Apartments is found near important transit routes and employment hubs. Hollywood’s Central Business District is approximately 10 minutes away, and Florida’s Turnpike is less than 10 minutes away. Seminole Hard Rock Hotel & Casino is about 20 minutes away, and North Perry Airport is less than 15 minutes away.