American Landmark and its partners paid $56m for Park Colony Apartments in an off-market deal. RSE Capital provided joint venture equity for the acquisition. Built in 1987 in Hollywood, Florida, the 316-unit property, which was 97 percent occupied at the time of the closing, will be rebranded The EnV. The new owners intend to invest approximately $3.5m into capital improvements. Common amenities include a business center, breakfast bar, dog park, swimming pools, video library and a tennis court. The property is 10 minutes away from the Florida Turnpike and 20 minutes from the Seminole Hard Rock Hotel & Casino.
“The addition of The EnV to our South Florida portfolio allows us to further capitalize on the demand created by limited affordability. The EnV expands the menu of options to our residents with a commuter-friendly location and rents at a discount to downtown and beach-centric locales,” said Christine DeFilippis, chief investment officer at American Landmark. “Vintage rental communities in Broward County are a novelty. The ability to acquire another asset in the Fort Lauderdale MSA gives us the opportunity to expand our offerings to residents and raise the standard of living.”
