Ultimate Equity Buys Hollywood, Fla., Townhouse Project for $32M

Ultimate Equity has acquired a 69-unit townhome community in Hollywood, Fla., for $32 million, Cushman & Wakefield announced.

The gated community called Royal Oaks in the Emerald Hills neighborhood changed hands in an all-cash 1031 exchange acquisition at a record price per unit for the submarket, and a capitalization rate below 5 percent, Cushman & Wakefield said.

An entity named Royal Oak TH, run by Preston Giuliano Capital Partners, sold the property for about 36 percent more than what they paid to acquire it less than 12 months ago. Records with Preston Giuliano Capital Partners show the property last sold for $23.5 million in August 2025.

Built in 2009 at 3200 Stirling Road, Royal Oaks comprises 13 buildings totaling 116,886 square feet across a 5.1-acre site. Each unit includes three bedrooms and 2.5 bathrooms in 1,694 square feet, with a private garage.

Monthly rents range from $3,228 to $3,281, according to the Royal Oaks website. Community amenities include a clubhouse, pool and picnic area.

Virgilio Fernandez and Mitash Kripalani of Cushman & Wakefield brokered the sale.

“Assets like Royal Oaks practically never come to market in Emerald Hills,” Fernandez said in a statement. “It is a gated, for-rent townhome community in one of Hollywood’s most desirable and supply constrained neighborhoods. Running a disciplined off-market process, we were able to close quickly on an all-cash 1031 basis and deliver a record price per unit for the seller at a cap rate below 5 percent.”

Ultimate Equity, owned by David Sedaghati, who operates footwear maker Ultimate Shoes, is an active player in the region, and sold a development site in Miami’s Wynwood neighborhood in March for $54 million.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.