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GMF Capital Pays $103M for Newly Constructed Apartment Building in Hollywood
GMF Capital has purchased Hollywood East, a 15-story, newly constructed apartment building with 247 units in Hollywood, FL for $102.5 million. The property sold for a cap rate of 4.5 percent at $415,000 per unit.
The 579,420-square-foot Hollywood East completed construction in 2020 and is currently 96% occupied.
Aaron Jungreis, founder of Rosewood Realty Group, brokered the deal and represented 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.
“We’ve done seven deals in FL this year, almost $500 million,” said Jungreis. “Everybody loves FL now.” He added that FL rental properties like Hollywood East have attracted new residents from the migration from states with high state income taxes like NY.
- ◦Sale/Acquisition
