Atlanta Investor Buys Hollywood Parc Station Apartments for $92M
This is at least the second South Florida multifamily acquisition by this investor in recent months.
An Atlanta-based multifamily investor has made another South Florida play, buying a Hollywood multifamily community for $92 million.
Cortland bought Cortland Hollywood from investment adviser and portfolio manager J.P. Morgan Investment Management Inc., a subsidiary of JPMorgan Chase & Co. Cortland used affiliate North 29th FL Partners LLC and J.P. Morgan Investment used affiliate Parc Station Holdco LLC to complete the transaction.
The sprawling garden-style community is more commonly known as Parc Station, but Cortland rebranded it to Cortland Hollywood soon after closing the deal last week.
The 366-unit apartment complex sits on a 14.5-acre site on the southwest corner of major arteries Interstate 95 and Sheridan Street. The address is 2300 N. 29th Ave.
It’s a relatively new property, having been completed in 2017.
Cortland Hollywood offers one-, two- and three-bedroom units. Community amenities include a sundeck with outdoor entertainment cabanas, pool, gym, clubroom and business lounge.
The community is standing strong even amid the coronavirus pandemic and ensuing high unemployment, as it now boasts 95% occupancy.
Cortland was founded in 2005 to pursue apartment development, but switched course once the Great Recession set in to focus on buying and renovating existing communities, according to its website.
This investment is at least its second in South Florida in recent months, as last August it bought Cortland Delray Station in Delray Beach for $74 million.
Cortland Hollywood traded for $91.7 million, or $272,917 per unit.
Hollywood, in southern Broward County, is experiencing real estate growth. At least five projects are on tap to start construction this year, although most are centered in the downtown area east of Cortland Hollywood.
BTI Partners LLC, based in Fort Lauderdale, is leading redevelopment around the 10-acre circular ArtsPark at Young Circle in downtown with plans for a mixed-use multifamily, office and retail project on two lots. On the site of the vacant Bread Building, BTI will build a 361-unit apartment tower with 17,000 square feet of retail space. Nearby, on the site of the Young Circle Shopping Center, it will build a twin-tower, 700-plus unit multifamily project with 100,000 square feet of retail and 75,000 square feet of offices.
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