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HOLLYWOOD, FL-Emerald Green, a 138-unit apartment community in Hollywood, FL, has a new owner. Tropicana Investors Inc. paid $9.2 million–approximately $66,667 per unit–for the community complex, located on nearly 4.2 acres at 4300 Sheridan St. The seller was Atlantic Resources Clarkson Emerald Green LLC.Built in 1972, the three-building, two-story complex was renovated in 2000. The property includes a swimming pool, a fitness room, a laundry facility and 246 parking spaces.Jay H. Massirman, executive vice president of CB Richard Ellis’ South Florida Multifamily Group led the team that represented Atlantic Resources Clarkson Emerald Green in the transaction. “The dynamics and strength of the Hollywood submarket, investor demand to acquire stabilized assets in infill built-out locations, and access to low-cost financing resulted in strong interest and investment for the Emerald Green,” says Massirman. “The macro and local market conditions continue to create excellent activity throughout the South Florida multifamily market,” he continues. “During the first six months of 2004, we closed more than $700 million in transactions. We anticipate the level of investor demand to remain strong throughout in 2004.”

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