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| Park Colony Apartments, Hollywood, FL |
Hollywood, FL — The
Boca Raton office of Atlanta-headquartered ARA, the largest privately held,
full-service investment advisory brokerage firm in the nation focusing
exclusively on the multihousing industry, announces the sale of Park Colony,
a 316-unit luxury garden apartment community located in Hollywood, Broward
County, Florida.
ARA South
Florida-based Senior Vice President Hampton Beebe along with Principals Avery
Klann and Marc deBaptiste represented a Boston, MA-based REIT in the
transaction.
Fort Lauderdale, FL-based Delavaco Properties, a division ofš The
Delavaco Group with offices in Fort Lauderdale and Toronto, Canada, purchased
the property. This is the third acquisition Delavaco has made with an
ARA-represented asset.
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| Marc deBaptiste |
“Park Colony was
built in 1987 and has been institutionally owned for over the past 15 years,
which has helped the property maintain stabilized long term occupancy and
premium rental rates,” noted lead broker Hampton Beebe.
The property is
located within the major employment market of Hollywood, with 2.7 million
square feet of office space including Memorial Healthcare System headquarters,
the nation’s fifth largest healthcare network with 10,000 employees. Memorial
Regional Hospital South is located just a few blocks from Park Colony and
contains 324 beds with 500 employees, while the main Memorial Hospital (only
one mile north) has over 4,500 employees.
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| Fort Lauderdale International Airport |
Park Colony enjoys a
strategic location along Park Road only one-half mile south of Hollywood Boulevard,
a major east/west thoroughfare in southern Broward County with an estimated
traffic count of 52,000 vehicles per day.
The property offers
excellent access to I-95 (only one mile east), Florida’s Turnpike (three miles
west), I-595 (six miles north), Fort Lauderdale International Airport
(six miles north) and Miami International Airport (10 miles south).
Park Colony was 95%
occupied at the time of sale.
For a complete copy of the company’s news release, please
contact:
Lisa Robinson at
678.553.9360
Amy Morris at
678.553.9366,
Marti Zenor, at
561.988.8800.šš
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