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American Landmark, Electra America on a Spending Spree in South Florida

Hollywood Rentals Trade for $56M
July 25, 2018
A multifamily investment partnership picked up its fourth South Florida property this year with the acquisition of the Park Colony Apartments in Hollywood, FL for $56 million, or about $177,000 per door.

American Landmark and Electra America will rename the 316-unit complex The EnV Apartment Homes and launch a $3.5 million renovation that will include granite countertops, new plumbing and lighting, landscaping and paint.

Park Colony, located at 812 S. Park Rd., was built in 1987. At the time of sale, it was 97 percent occupied with average rents for the one-, two- and three-bedroom units at $1,401 per month.

Christine DeFilippis, American Landmark’s chief investment officer, called Park Colony a "good middle-ground" project that's not new construction or a community built in the 1950s or '60s.

RSE Capital of Washington, D.C. provided American Landmark and Electra America with joint venture equity in the deal.

The seller, Delavaco Capital Inc. of Fort Lauderdale, had acquired Park Colony in February 2013 from the Berkshire Group for $41.5 million, or more than $131,000 a unit, according to CoStar data.

Tampa-based American Landmark and Electra America of North Palm Beach have already this year acquired High Ridge Landing in Boynton Beach, Beach Walk at Sheridan in Dania Beach and the Lago Paradiso in Miami.

"We've just gotten lucky," DeFilippis said of the recent South Florida acquisitions. "We've found good opportunities at a basis that's attractive."

Its four South Florida rentals are among 14 properties the firms have acquired this year, valued at more than $700 million. It expects to reach $1.5 billion in total investment by the end of 2018.

  Related News: All Those New Apartments in South Florida Still Aren't Enough, Report SaysJULY 23, 2018  |  PAUL OWERS

A report last week from commercial real estate services firm Berkadia showed that demand for rentals in South Florida continues to increase. During the first half of the year, more renters moved into units than there were deliveries – the first time in three years that demand exceeded supply, according to Berkadia.

Jaime Sturgis, founder of Native Realty in Fort Lauderdale and a broker for multifamily investors, said he doesn't expect any looming slowdown for the apartment industry.

Sturgis said his clients are confident they'll be able to fill their rental buildings, given rising home prices and the flexibility that renting offers to consumers.

"Multifamily is unique," Sturgis said. "It's considered by investors to be recession-proof."

Still, Fort Lauderdale Mayor Dean Trantalis has expressed concern recently at all the multifamily construction in his city. He told CoStar News this month that he thinks all the demand cited by developers may just be a marketing tool.

"I'm crossing my fingers and hoping for the best," Trantalis had said.

The Park Colony sale was an off-market deal, according to Dallas Wharton, president of Dalmar Real Estate Group LLC, which represented Delavaco in the sale. Ronald Meyerson of Cedano Realty Advisors of Miami, along with Ray Jourdain of Urbaniza Realty in Coral Gables, represented the buyers.

Please see CoStar COMPS #4429787 for additional information on this transaction.

Paul Owers, South Florida Market Reporter  CoStar Group   
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