American Landmark, in an equity joint venture with RSE Capital, has purchased the 316-unit Park Colony Apartments in Hollywood, Fla. The buyer plans to invest approximately $3.5 million in capital improvements at the property, which will be rebranded as The EnV.
Located at 812 S. Park Road, the property is situated across from Orangebrook Golf & Country Club and is near Freeway 820 and Interstate 95. North Perry Airport is 6 miles away, while downtown Miami and downtown Fort Lauderdale are less than 30 minutes by car. The 1987-built asset, which was 97 percent occupied at the time of the sale, comprises a mix of one-, two- and three-bedroom units, featuring dishwashers, refrigerator, washer and dryer, private balcony and patio and ceiling fans. Communal area amenities include:
- business center
- breakfast bar
- dog park
- two swimming pools
- video library
- tennis court
The new ownership aims to upgrade the property with contemporary amenities, such as granite countertops, backsplash, new plumbing and lighting fixtures, bathroom accessories, plank flooring, lush landscaping and fresh paint. In addition to these, the clubhouse, fitness center and swimming pools will also be upgraded and expanded.
“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,” said Christine DeFilippis, chief investment officer of American Landmark, in prepared remarks. “Vintage rental communities in Broward County 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.”
Earlier this month, American Landmark acquired three multifamily properties in North Carolina for roughly $167 million, according to Yardi Matrix data.
Image courtesy of Yardi Matrix