Stroock Represents JPMorgan Asset Management in $90 Million Acquisition of Luxury Apartment Complex in Hollywood, FL
Miami, FL (December 21, 2017) – In a noteworthy luxury real estate transaction in southeastern Florida, Stroock has represented JPMorgan Asset Management in its purchase of the 336-unit Parc Station Apartments in Hollywood, FL, for more than $90 million. The seller was a joint venture between Ram Realty Services and Pinnacle Housing Group.
Parc Station is a 14.5-acre apartment complex located minutes from the Atlantic coast in Broward County and built in 2016. Amenities include a residents’ clubhouse with an outdoor pool as well as a fitness center and playground. Parc Station comprises 17 three-story buildings totaling 376,560 square feet.
Stroock real estate partner Ira Teicher and associate John-Paul Ovadia represented longtime client JPMorgan Asset Management on the deal.
Stroock’s 85-member national real estate group helps clients structure, negotiate and close some of the country’s largest commercial real estate transactions including: the development and recapitalization of 10 Hudson Yards in NYC; the redevelopment of the former Washington Post site in the heart of Washington, D.C.; the sale of 1285 Avenue of the Americas located in Rockefeller Center; the sale of the Southeast Financial Center, an iconic office building in downtown Miami; the recapitalization of the Century Plaza Towers, the most recognizable trophy office complex in the Century City area of Los Angeles; the disposition of 2 Independence Square serving as the headquarters for NASA in Washington D.C.; the 1.9 million square-foot mega-project of Essex Crossing on the Lower East Side of NYC; the acquisition of the Department of Veterans Affairs Hospital in Loma Linda, CA and the redevelopment of the World Trade Center site in Lower Manhattan.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Miami and Washington, DC.