Private credit firm Favo Capital has acquired a 277-unit apartment tower located at 1818 Hollywood Boulevard, Hollywood, for $190 million. The property, known as 1818 Park, stands 22 stories tall and includes ground-floor retail space.
The transaction is among the most expensive multifamily investment sales in South Florida so far this year. According to a news release from Favo, the deal was structured as an all-stock and assumption of liabilities transaction. The seller, GCF Development—a Hollywood-based company led by Charles “Chip” Abele—received a long-term equity stake in Favo as part of the agreement.
GCF completed construction of 1818 Park in 2022 following several delays caused by litigation, the Great Recession, and permitting issues. Records indicate that an entity led 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 apartment building offers studios, one-bedroom, and two-bedroom units with monthly rents ranging from $1,640 to $3,738.
Favo Capital is based in Lauderhill and led by Vincent Napolitano. The firm provides alternative revenue-based funding solutions to small and medium-sized businesses across the United States.
South Florida’s multifamily real estate market has slowed compared to recent years when high demand from out-of-state residents drove rent increases and frequent investment activity. In the past two years, higher interest rates and inflation have reduced deal volume while rents have slightly declined due to an oversupply of apartments.
Other recent transactions include Spanish billionaire Amancio Ortega’s $165 million purchase of the Veneto Las Olas tower in downtown Fort Lauderdale—a 44-story building with 259 units—and Olympus Property’s acquisition of a nine-story, 132-unit complex in Miami’s Allapattah neighborhood for $45.9 million. Category Five Real Estate also bought a portfolio consisting of 184 units across Sunrise for $32.3 million.
