Southeast

HOLLYWOOD, FLA. — The Delavaco Group has acquired Park Colony, a 316-unit apartment community in Hollywood. The property is located one-half mile south of Hollywood Boulevard, a major east/west thoroughfare in southern Broward County. Park Colony was built in 1987 and has been institutionally owned for 15 years, which has helped the property maintain stabilized occupancy, according to broker Hamton Beebe of ARA. The property was 95 percent occupied at the time of sale. Beebe, Avery Klann and Marc deBaptiste represented the seller, a Boston-based REIT, in the transaction.

ALABASTER, ALA. — Beech Street Capital has arranged a $6.5 million Fannie Mae loan for the acquisition of the Montevallo Apartments, a 200-unit community in Alabaster. The property includes a clubhouse, two pools and two tennis courts. The borrower has recently acquired four other garden apartment complexes in Birmingham from long-term owners. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group originated the seven-year loan, which features a 30-year amortization schedule.

DELRAY BEACH, FLA. — Fairfield Residential has acquired Spring Harbor at the Landing, a 488-unit garden apartment community in Delray Beach, for $69.1 million. The property features and average unit size of 1,191 square feet in eight floor plans, 57 percent of which are two bedrooms and 37 percent three bedrooms. The property is near local and regional employment centers, including the Boca Raton office market, which comprises more than 11 million square feet of office space. Spring Harbor is 97 percent occupied. Avery Klann and Richard Donellan of ARA represented the seller, Invesco Real Estate, in the transaction.