GMF Capital, a NYC-based investment management firm, has purchased “Hollywood East,” a 15-story newly constructed luxury apartment building with 247 units in Hollywood, FLA. for $102.5 million.
Aaron Jungreis, founder of New York-based Rosewood Realty Group, brokered the deal, representing both GMF Capital and the seller, Hollywood East LLC, controlled by an investor group led by Vivian Dimond, a broker, investor and developer who acquired the building four years ago as a distressed asset and turned it around to luxury rentals.
“Hollywood East,” at 2165 Van Buren Street, started construction in 2019 and was delivered in 2020. It is currently 96 percent occupied. The building features upscale luxury rental apartments with terraces, an outdoor pool, fitness center, concierge attended lobby and parking garage with 448 spaces. The building totals 579,420 sq. feet.
It sold for a cap rate of 4.5 percent at $415,000 per unit.
Jungreis said he started trying to broker the sale of Hollywood East about a year ago.
“I’ve been working on it for almost a year. I finally found the right buyer,” he said. “We’ve done seven deals in Florida this year, almost $500 million. Everybody loves Florida now…. We have another multifamily deal closing next week for $77 million in Gainesville, ” added Jungreis.
Rosewood Realty Group has closed over two billion dollars in sales this year and is ready for a strong 2022 as the sales market continues to heat up locally and nationally, “The rental market still has growth potential and identifying hidden gems is one of our strengths,” added Jungreis.
Jungreis said Florida rental properties like Hollywood East have attracted new residents from the migration from states with high state income taxes like New York.
This sale represents the 78th closed transaction this year for Rosewood Realty Group, the active New York City-based commercial real estate investment sales firm that is continuing to close deals in New York City and Florida and throughout the country in Connecticut, Pennsylvania, Maryland, North Carolina, South Carolina, Georgia, Texas, Kentucky, Ohio, Indiana, Louisiana, Alabama and Arkansas.