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.
The multifamily property is located in a Fort Lauderdale submarket that is home to 2.7 million square feet of office space including Memorial Healthcare System headquarters, the nation’s fifth largest healthcare network with 10,000 employees. Memorial Regional Hospital South, with its 500 employees, is just a few blocks from Park Colony. The main Memorial Hospital, with more than 4,500 employees, is one mile north of the multifamily asset.
Park Colony sits along Park Road only one-half mile south of Hollywood Boulevard, a major east-west thoroughfare in southern Broward County. About 52,000 vehicles per day pass by the multifamily property. Park Colony offers excellent access to Interstate 95 (only one mile east), Florida’s Turnpike (three miles west), Interstate 595 (six miles north), Fort Lauderdale International Airport (six miles north) and Miami International Airport (10 miles south).