American Landmark Strikes Hollywood Deal
The Tampa-based firm says it plans to undertake approximately $3.5 million in capital improvements at the complex at 812 S. Park Road. The property that at the time of closing was 97% occupied.
HOLLYWOOD, FL—Multifamily operator American Landmark has purchased its fourth Florida property this year—the 316-unit Park Colony Apartments here for $56 million.
The Tampa-based firm says it plans to undertake approximately $3.5 million in capital improvements at the complex at 812 S. Park Road. The property that at the time of closing was 97% occupied.
American Landmark states that it plans to rename the property that was built in 1987 “The EnV.” RSE Capital, of Washington DC provided joint venture equity for the acquisition. No financial terms of the transaction were disclosed.
“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,” says Christine DeFilippis, chief investment officer of American Landmark.
She adds that vintage rental communities in Broward County, such as Colony Apartments, 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,” DeFilippis notes.
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 more than $700 million, expects to complete $1.5 billion in multifamily acquisitions in 2018.
Specific capital improvements detailed by American Landmark for the newly named The Env include: enhancements to interiors and common areas with contemporary amenities, including granite countertops, backsplash, new plumbing and lighting fixtures, bathroom accessories, plank flooring, landscaping, and fresh paint. Improvements to and the expansion of the community clubhouse, fitness center and swimming pools are also planned as a major part of the renovation.
Situated in the Park East neighborhood of Hollywood, the development features one-, two-, and three-bedroom units. Community amenities include a business center, breakfast bar, dog park, two sparkling swimming pools, video library, and tennis court.