Search
 

Hollywood Apartment Complex Sells for $9M

HOLLYWOOD, FL-Tropicana Investors Inc. buys the 138-unit, 32-year-old property from Atlantic Resources Clarkson Emerald Green LLC for about $66,667 per unit. The complex, consisting of three two-story buildings, was renovated in 2000.

By Melissa Bogdany | Updated on July 23, 2004

HOLLYWOOD, FL-Emerald Green, a 138-unit apartment community in Hollywood, FL, has a new owner. Tropicana Investors Inc. paid $9.2 million–approximately $66,667 per unit–for the community complex, located on nearly 4.2 acres at 4300 Sheridan St. The seller was Atlantic Resources Clarkson Emerald Green LLC.Built in 1972, the three-building, two-story complex was renovated in 2000. The property includes a swimming pool, a fitness room, a laundry facility and 246 parking spaces.Jay H. Massirman, executive vice president of CB Richard Ellis’ South Florida Multifamily Group led the team that represented Atlantic Resources Clarkson Emerald Green in the transaction. “The dynamics and strength of the Hollywood submarket, investor demand to acquire stabilized assets in infill built-out locations, and access to low-cost financing resulted in strong interest and investment for the Emerald Green,” says Massirman. “The macro and local market conditions continue to create excellent activity throughout the South Florida multifamily market,” he continues. “During the first six months of 2004, we closed more than $700 million in transactions. We anticipate the level of investor demand to remain strong throughout in 2004.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.