Peter Mekras, president of Aztec Group Inc. in Miami.Aztec Group Closes $19 Million Bulk Condominium Sale in Hollywood
The four-building Luna property is a condominium but operated as multifamily, as it's largely rented out.
October 29, 2019 at 02:23 PM
2 minute read
The majority of renters at Hollywood's Luna residences have a new landlord after a local group bought most of the units for $19.05 million.
Prashkovsky Investments USA LLC, based in Boca Raton and led by Adi Karadi, bought 150 of the 192 Luna condos from an affiliate of multifamily property management firm Eagle Management RE LLC, based in Highland Park, Illinois. The deal closed on Oct. 24.
The four-building Luna sits on nearly 4 acres from Jackson and Van Buren streets and from South Luna Court to South 35th Avenue.
Aztec Group Inc. president Peter Mekras in Miami negotiated the sale on behalf of the seller—not an easy feat given the unique property characteristics.
Luna was constructed in 1968, making it a relatively older product, and is both a condominium and multifamily property, meaning the units are individually owned but rented out as apartments.
"A strategic approach was required to overcome prospective buyer concerns with the property's age and fractured condo dynamics," Mekras said in part in an emailed news release. "Aztec's unique market and transactional expertise enabled us to source a very qualified buyer."
Still, the property prompted a lot of interest as there were over 180 signed confidentiality agreements, 30 property tours and 15 competitive offers.
In selecting a buyer and negotiating a deal, Mekras also had to ensure that the buyer will assume the seller's existing $10.55 million loan on the units.
Luna, at 3600 Van Buren St., is a two-and-a-half mile drive from growing downtown Hollywood, specifically Young Circle Park. New projects there include the Circle apartment-hotel.
Luna offers one and two-bedroom units with monthly rents ranging from $1,120 to $1,525, according to apartment listing website ForRent.com
The Luna bulk condo deal breaks down to $127,000 per unit.
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