Cushman & Wakefield Arranges Off-Market Sale Of Townhome Community In Hollywood’s Emerald Hills

Cushman & Wakefield has arranged the off-market sale of Royal Oaks, a gated 69-unit townhome community in the Emerald Hills neighborhood of Hollywood.
The $32 million transaction closed quickly as an all-cash 1031 exchange acquisition, trading at a record price per unit for the submarket and a cap rate below 5 percent.

Cushman & Wakefield’s Mitash Kripalani and Virgilio Fernandez represented the seller, Royal Oak TH LLC, in its transaction with buyer Ultimate Equity Inc. Cushman & Wakefield’s South Florida Multifamily & Land Investment Sales team specializes in the sale of institutional and private multifamily, development land, mixed-use, and covered land opportunities throughout South Florida. The team advises owners, developers and investors on complex investment sales and consistently executes both marketed and off-market transactions across the region.

Built in 2009 at 3200 Stirling Road, Royal Oaks comprises 13 buildings totaling 116,886 square feet across a 5.13-acre site. Each of the 69 townhomes offers three bedrooms and 2.5 bathrooms in 1,694 square feet, with a private garage. Community amenities include a clubhouse, pool and picnic area. The asset offered the buyer a durable core-plus profile with meaningful embedded rent upside and minimal capital improvements required.

Emerald Hills is one of the most sought-after neighborhoods in Hollywood, a predominantly owner-occupied, highly educated enclave anchored by The Club at Emerald Hills golf course and within walking distance of numerous places of worship, grocers and restaurants. Townhome communities are exceptionally difficult to build and entitle in this market, making a for-rent core-plus townhome asset of this scale a true rarity.

Limited new supply, combined with steadily rising rents and appreciating home prices across the submarket, has intensified competition for well-located rental product. That scarcity, paired with strong rental fundamentals in a high barrier-to-entry market, drove the aggressive pricing achieved on the sale.

“Assets like Royal Oaks practically never come to market in Emerald Hills,” said Fernandez, Cushman & Wakefield Managing Director. “It is a gated, for-rent townhome community in one of Hollywood’s most desirable and supply constrained neighborhoods. Running a disciplined off-market process, we were able to close quickly on an all-cash 1031 basis and deliver a record price per unit for the seller at a cap rate below 5 percent.”

 

Said Kripalani, Cushman & Wakefield Managing Director, “The fundamentals here are as strong as anywhere in South Florida. You have very little new supply, rents that continue to climb and home prices that keep appreciating across Emerald Hills. That combination is what gives a core-plus townhome asset like Royal Oaks such durable upside, and it is why we saw the pricing conviction we did from 1031 capital.

“This transaction represents exactly the type of outcome we strive to deliver, creating a true win-win for both buyer and seller through a disciplined, relationship-driven process,” Kripalani continued. “We’re seeing exceptionally strong fundamentals across Florida and South Florida, particularly in multifamily and development land. Population growth, continued migration from markets such as New York and California, combined with sustained job creation, continues to fuel investor demand. Our team remains highly active across the region, advising owners and investors on multifamily and land opportunities, and we expect well-located, high-quality assets to continue attracting significant institutional and private capital.”