HOLLYWOOD, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Park Colony Apartments, a 316-unit multifamily community in Hollywood, Florida. The property will be renamed The EnV under new ownership.

The asset was 97 percent occupied at time of closing and will undergo approximately $3.5 million in capital improvements.

RSE Capital, a Washington D.C.-based firm that specializes in competitively priced, flexible and reliable capital solutions for real estate partners, provided joint venture equity for the acquisition.

American Landmark, and its debt and equity partner Electra America, are acquiring value-add properties in distinct locations across the Southeast. The firm, which has already bought 14 properties this year worth over $700 million, expects to complete $1.5 billion in multifamily acquisitions in 2018.This is their fourth acquisition in the South Florida metropolitan area.

The firm plans to implement its standard enhancements to interiors and common areas with contemporary amenities, including granite countertops, backsplash, new plumbing and lighting fixtures, bathroom accessories, plank flooring, lush landscaping, and fresh paint. Improvements to and expansion of the community clubhouse, fitness center, and swimming pools will also be a large component of the renovation.

“The addition of The EnV to our South Florida portfolio allows us to further capitalize on the demand made 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 of American Landmark. “Vintage rental communities in Broward County are a novelty. The ability to buy another asset in the Fort Lauderdale MSA gives us the opportunity to expand our offerings to residents and raise the standard of living.”

Built in 1987, Park Colony Apartments is located at 812 S. Park Road. One-, two-, and three-bedroom units offer dishwasher, refrigerator, washer/dryer, private balcony/patio, and ceiling fans. Community amenities include a business center, breakfast bar, dog park, two sparkling swimming pools, video library, and tennis court.

Situated in the Park East neighborhood of Hollywood, Park Colony Apartments is found near vital transit routes and employment hubs. Hollywood’s Central Business District is approximately 10 minutes away, and Florida’s Turnpike is less than 10 minutes away. Seminole Hard Rock Hotel & Casino is about 20 minutes away, and North Perry Airport is less than 15 minutes away.

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LAS VEGAS, NV – San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has bought a 512-unit multifamily project in Spring Valley, one of Las Vegas’s top submarkets. The project was bought on an off-market basis from a private seller in a deal valued at $50 million. Tower 16 will be overseeing close to $7 million in renovations and upgrades to the project including new outdoor amenities, gym, leasing office and interior renovations.

“The Foothill Village acquisition fits very well with our investment strategy with Henley USA in the Las Vegas market,” said Tower 16 Principal Tyler Pruett. “The project offers significant operational and capital improvement upside and allows us to provide much-needed workforce housing in Las Vegas.”

The community is located close to I-15 and the Las Vegas Strip, allowing quick access to Summerlin, Henderson and McCarran International Airport. It includes 512 oversized one-, two- and three-bedroom apartments and townhomes with central air conditioning and individual electric metering. Community amenities include three swimming pools, two spas, two basketball courts, four laundry facilities, a business center, a large playground and dog runs.

In keeping with Tower 16’s commitment to implementing superior management, the partners hired Pinnacle, a leading multifamily property management firm that handles more than 14,000 units in Las Vegas, to manage Foothill Village on behalf of the joint venture.

“We are strong believers in the Las Vegas multifamily market and our acquisition of Foothill Village demonstrates that,” said Tower 16 Principal Mike Farley. “We are excited about the opportunity to transform this property into a first-class apartment project that will showcase an amenity base to rival new, Class A apartments in the area.”

Earlier this year, Tower 16 made its first acquisition in Las Vegas– a 228-unit Class B property, which is currently undergoing significant renovations and upgrades. The company plans to make several more buys in Las Vegas over the next 12 months.

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RICHMOND, VA – PRG Real Estate, a leading multifamily real estate investment and management firm, in partnership with Richmond-based WVS Companies, officially announced the opening of East 51 at Rocketts Landing during a ribbon cutting ceremony last month.

The first residents went into the newly constructed East 51 apartments in mid-May. The community is currently more than 70% leased, less than two months after receiving initial Certificates of Occupancy. 

East 51 is a 156-unit mid-rise apartment community with studio, one and two-bedroom apartment homes located in the master-plotted Rocketts Landing community. The new apartments are situated along the scenic James River less than two miles from downtown Richmond.

East 51 offers residents luxury interior apartment finishes and a full suite of amenities including a fitness center, swimming pool, covered parking, outdoor courtyard, and bike storage. Additionally, residents have convenient access to everything located within Rocketts Landing including top-rated restaurants and cafes, Richmond’s only marina, and the Virginia Capital Trail. 

East 51 is the third ground-up development for partners PRG Real Estate and WVS.

PRG’s Chief Executive Officer Sam Foster says, “We are excited to continue working with WVS to expand PRG’s presence in the Richmond market where we currently own and manage over 1,300 apartments. We are upbeat about Richmond, VA, which currently has sub-4% unemployment rate and a historically diversified economy with major employers in government, education and healthcare. Given the successful early lease-up at East 51, we are excited to break ground on a 127-unit second phase in Rocketts Landing that is anticipated to commence in Fall 2018.”

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