Private credit firm Favo Capital has acquired the 277-unit 1818 Park apartment tower in Hollywood, Florida, for $190 million. The property, located at 1818 Hollywood Boulevard and facing Young Circle, is a 22-story building with ground-floor retail space.
The transaction is one of the most expensive multifamily investment sales in South Florida so far this year. According to a news release from Favo, the purchase was completed through an all-stock and assumption of liabilities deal. The seller, GCF Development—a local firm led by Charles “Chip” Abele—received a long-term equity stake in Favo as part of the agreement.
GCF Development finished construction on 1818 Park in 2022 after experiencing several years of delays due to litigation, economic downturns, and permitting challenges. Records show that an entity managed by Abele initially purchased the site for $3.5 million in 2009 before selling it to another Abele-led entity for $65.6 million in 2022.
The apartment tower features studios as well as one- and two-bedroom units. According to its website, monthly rents range from $1,640 to $3,738.
Favo Capital is based in Lauderhill and led by Vincent Napolitano. The company specializes in providing alternative revenue-based funding solutions to small and medium-sized businesses across the country.
South Florida’s multifamily real estate market has slowed compared to recent years when there was significant demand driven by new residents moving into the area and strong rent growth. In the past two years, higher interest rates and inflation have reduced investment activity while rents have declined slightly because of increased supply.
Other notable recent transactions include Spanish billionaire Amancio Ortega’s $165 million purchase of Veneto Las Olas—a 44-story, 259-unit apartment tower—in downtown Fort Lauderdale; Olympus Property’s acquisition of a nine-story, 132-unit complex in Miami’s Allapattah neighborhood for $45.9 million; and Category Five Real Estate’s purchase of a 184-unit portfolio in Sunrise for $32.3 million.
