NORTH LAUDERDALE, FLA. — A joint venture between Behringer Harvard and Grand Peaks Property Management has acquired a South Florida apartment community from Principal Global Investors for $42 million.
Parrot's Landing is located at 7900 Hampton Blvd. in North Lauderdale. Constructed in two phases, the community contains a total of 560 units in 24 residential buildings situated on more than 25 acres. Phase I of the community, comprising 17 of its buildings, was renovated between 2007 and 2010. Phase II was completed in 1997. Community amenities include two clubhouses, three pools, lighted tennis courts and a fitness center.
George Vail and Jaret Turkell of the Miami office of Holliday Fenoglio Fowler represented the seller. The buyer acquired the property by way of Fannie Mae financing.
“This was an outstanding opportunity for a buyer to come in and purchase an institutional, quality-owned product at a significant discount to the current owner's cost basis and replacement cost,” said Vail in a statement.
— Coleman Wood