Hollywood Apartment Community Trades For $31.5 Million

CBRE arranged the sale of a 300-unit garden-style apartment community in Hollywood.
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, built in 1984, spans six four-story buildings, with 229,204 rentable square feet.
 

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