Wednesday, February 27, 2013

ARA Arranges Sale of 316-Unit Apartment Community in Dynamic Hollywood, FL



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.

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.

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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