300-UNIT HOLLYWOOD, FL APARTMENT COMMUNITY TRADES FOR $31.5 MILLION
Fort Lauderdale, FL – December 22, 2014 – (RealEstateRama) — CBRE arranged the sale of a 300-unit garden-style apartment community in Hollywood, Florida. Emerald Place, located on a 16.28-acre site at 3910 N. 56th Avenue, was acquired from Emerald Place, LLC, by Emerald Place Apartments, LLC. The CBRE South Florida Multifamily team lead by Calum Weaver and Robert Given represented the seller in the transaction.
“We received 39 offers on the property. Investors recognized the strong value-add upside potential and aggressively pursued the opportunity. Ultimately, the seller decided to go with an offer that provided an immediate non-refundable deposit and quick close,” said Calum Weaver, First Vice President, CBRE Capital Markets, Investment Properties, Multifamily.
“Six of the offers we received to acquire Emerald Place were from foreign investors. Ultimately, a domestic private capital group acquired the property in an all-cash transaction. The attention from private, institutional and foreign capital on South Florida is unprecedented at the moment,” said Robert Given, Vice Chairman, CBRE Capital Markets, Investment Properties, Multifamily.
Emerald Place spans six four-story buildings, with 229,204 rentable square feet, alongside two ponds, with amenities that include a swimming pool, clubhouse, two tennis courts, a children’s playground, and night-time security. Each building also has its own laundry room., Built in 1984, Emerald Place has been improved with new exterior paint, pool area paving/deck, fencing/gates, and landscaping. Sixty-three (21%) of the units are updated with new cabinets, flooring, fixtures and appliances.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
