MIAMI—Park Colony, a 316-unit luxury garden apartment community in Hollywood, FL, has traded hands. The multifamily asset is 95% occupied.
ARA South Florida-based senior vice president Hampton Beebe,along with principals Avery Klann and Marc deBaptiste represented a Boston, MA-based REIT in the transaction. Fort Lauderdale, FL-based Delavaco Properties, a division of The Delavaco Group with offices in Fort Lauderdale and Toronto, Canada, purchased the multifamily property.
“Park Colony was built in 1987 and has been institutionally owned for over the past 15 years, which has helped the property maintain stabilized long term occupancy and premium rental rates,” says lead broker Beebe.
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