By Robert Demeter
Miami—Melo Real Estate, a Miami-based boutique real estate firm, recently brokered the $54 million sale of a 408-unit multifamily community located in Fort Lauderdale.
Parrot’s Landing LLC purchased Parrot’s Landing Apartments from an affiliate of Toronto, Canada-based Brass Enterprises for approximately $131,800 per unit. Ronald Meyerson, senior vice president of multifamily sales with Melo Real Estate, represented the buyer in the transaction. The deal closed on July 1.
“The buyer has a value add plan to upgrade the property and increase rents to meet surrounding comps,” said Meyerson in a prepared statement. “That combined with the ability to maximize economies of scale with the few hundred units the Buyer owns just a short distance away from Parrot’s Landing, should provide the new owners with plenty of growth opportunity.”
Located at 7900 Hampton Blvd. in North Lauderdale on a 17-acre wooded site with lakefront views, Parrot’s Landing comprises of 17 three-story buildings with one- and two-bedroom residences averaging 964 square feet. Units feature private patios and balconies, vaulted ceilings, ceramic tiled kitchens and baths, oversized closets and plenty of storage space. Community amenities include a fitness center, clubhouse, tennis court, 2 swimming pools, and 620 parking spaces. According to Yardi Matrix, average monthly rents equate to $1,320.
Parrot’s Landing offers convenient access to five major traffic arteries, including the Florida Turnpike, which is two miles west, and Interstate 95, which is five miles east.
Photo courtesy of Yardi Matrix