Tap here to read the full post on the Multi-Housing News website.
1818 Park in downtown Hollywood sold for $190M
FAVO Capital, Inc., a Fort Lauderdale, Fla.-based finance company, has acquired 1818 Park, a Class A, mixed-use 273-unit property in Hollywood, Fla., in a $190 million all-stock and assumption-of-liabilities acquisition from GCF Development. It is the firm’s first income-producing acquisition as it seeks to diversify its holdings by adding stabilized, income-generating real estate to its long-term portfolio.
As part of the transaction, GCF Development, a Hollywood-based real estate investment firm that built 1818 Park, will become long-term equity partners in FAVO. The structure ensures operational continuity at the property and aligns all the stakeholders’ incentives, as FAVO pursues its broader investment strategy.
Tap here to continue reading the full post on the Multi-Housing News website.
