An 87-unit apartment complex in Hollywood sold in an off-market deal for $8.2 million, or $94,253 per unit.
Coastline Management bought the single-story Park Cole Apartments complex at 2635 and 2643 Lincoln Road in Hollywood, just west of Young Circle. The seller was Park-Cole Corp.
Park Cole Apartments is located on a 2.42-acre site and has 52 studios and 35 one-bedroom apartments.
Ronald Meyerson, senior vice president of multifamily sales at Cedano Realty Advisors, represented the buyer in the transaction, which closed Friday.
Park Cole Apartments “has a nice cash flow and future value-add potential through in-unit and exterior upgrades,” Meyerson said in a prepared statement.
Source: The Real Deal South Florida