Private credit firm Favo Capital has acquired a 277-unit apartment tower in Hollywood, Florida for $190 million. The property, known as 1818 Park, is located at 1818 Hollywood Boulevard and features ground-floor retail. The transaction was structured as an all-stock deal with the assumption of liabilities.
According to a news release from Favo, the seller was GCF Development, a Hollywood-based company led by Charles “Chip” Abele. As part of the agreement, GCF received a long-term equity stake in Favo. GCF completed construction of the 22-story building in 2022 after facing delays caused by litigation, the Great Recession, and permitting issues. Records show that an entity managed by Abele purchased the site for $3.5 million in 2009 and later sold it to another Abele-led entity in 2022 for $65.6 million.
The building includes studio, one-bedroom, and two-bedroom apartments with monthly rents ranging from $1,640 to $3,738.
Favo Capital is based in Lauderhill and is led by Vincent Napolitano. The company provides alternative revenue-based funding to small and medium-sized businesses across the United States.
The South Florida multifamily market has slowed compared to previous years when strong demand and rent growth drove investment activity. Over the last two years, higher interest rates and inflation have reduced deal volume while rents have slightly decreased due to increased supply.
Other recent multifamily transactions in South Florida include Spanish billionaire Amancio Ortega’s purchase of Veneto Las Olas—a 44-story tower with 259 units—for $165 million in downtown Fort Lauderdale. This month also saw Olympus Property buy a nine-story complex with 132 units for $45.9 million in Miami’s Allapattah neighborhood, while Category Five Real Estate acquired a portfolio of 184 units across Sunrise for $32.3 million.
