Jay Massirman, EVP, Robert Given, VP, and Charles Crapes, senior associate in the Miami office of CB Richard Ellis, represented the seller, Irving, TX-based JPI Development, in the transaction. "We worked directly with MCZ and Centrum principals in the negotiations," Crapes tells GlobeSt.com.

The buyer is renaming the property, which was completed in 2002, Regent Park at Young Circle. Its Deco image, "which mimics the setting of the 'Melrose Place' television show," according to Jennifer Arons, Centrum's VP of marketing, "will be retained. Strategically, since there is a clear, consistent demand for housing in the Hollywood area, we are modifying style and locale a bit with each of our properties to attract different audiences," she says. "In turn, we are providing consumers with eclectic lifestyles at highly competitive price points."

One- and two-bedroom floor plans at Regent Park at Young Circle, some with an extra den option, will sell for spring occupancy. An on-site sales center opens next month. Units range from 736 sf to 1,277 sf, and prices begin in the low $200,000s. The property contains landscaped courtyards with tables for dining, a pool, sundeck with spa, clubroom with a bar and a party room with full kitchen facilities. There is also a fitness center and a business center with computers, high-speed Internet access, and a coffee bar and library.