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Cortland pays $ 92 million to JPMorgan for Hollywood apartment complex




Steven DeFrancis, CEO of Cortland Partners, and from 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)

Steven DeFrancis, CEO of Cortland Partners, and from 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)

An Atlanta-based real estate investment company paid $ 91.7 million for a 336-unit Hollywood apartment complex.

Cortland Partners purchased the 377,000 square foot complex, called Park Station, between 1900 and 2300 North 29th Avenue, according to records. The deal is worth approximately $ 273,000 per unit.

The seller is a company related to the New York-based asset management arm JPMorgans and a holding company called LP 1A REIT Unlevered Holding LLC. In 2017, a separate company managed by JP Morgan purchased the building for $ 90.3 million.

Developers Ram Realty Services and the Pinnacle Housing group opened Parc Station in 2016.

At that time, monthly rents for the resort started at $ 1,550. An online listing shows that monthly rents now range from $ 1,626 for a one-bedroom unit to $ 2,263 for a three-bedroom unit.

Cortland, led by Steven DeFrancis, recently invested in the South Floridas multi-family market. In July, he paid $ 73.9 million for the Depot Station apartment complex in Delray Beach.

Recent activities in the asset management arm of JPMorgans include launching a $ 700 million fund focused on developing single and multi-family rental properties in the towns of Sunbelt, and landing a refinancing of $ 400 million on its office tower at 605 Third Avenue in New York.

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