Fort Lauderdale-Area Condos Command $19M
- Oct 29, 2019
Eagle Management has sold 146 condos within the Luna at Hollywood Condominium, a 192-unit community in Hollywood, Fla. Prashkovsky Investments U.S.A. purchased the bulk portfolio for $19.1 million, according to Broward County records. The buyer also assumed the existing $10.6 million CMBS loan from M&T Bank, Yardi Matrix data shows. Aztec Group marketed the property and assisted the seller in the disposition.
The units last traded in 2015, when Eagle Management purchased them for $13.2 million. The remaining 46 units are operated as rental apartments under the name Luna at Hollywood Condo 02.
Luna at Hollywood sits on 4.7 acres at 3600 Van Buren St., just south of Hollywood Boulevard and west of Interstate 95. Located 10.6 miles southwest of downtown Fort Lauderdale, the property is roughly 2 miles west of Hollywood city center and less than 1 mile southwest of Hollywood Hills Plaza.
Completed in 1968, the community was converted to condominiums in 2007. Luna at Hollywood consists of four four-story buildings offering one- and two-bedroom floorplans with an average size of 992 square feet. Common-area amenities include two swimming pools, a playground, fitness center, clubhouse and more than 300 parking spaces. The property was 90.3 percent occupied as of September, per Yardi Matrix.
Aztec Group President Peter Mekras brokered the transaction on behalf of the seller. In one of their bigger Florida deals in the past year, Aztec Group arranged the $142 million financing for a 710-unit luxury community in downtown Miami.