HFF Completes $42M Sale of Institutional-Quality Property
- Oct 08, 2010
North Lauderdale, Fla.– The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) closed the sale of Parrot’s Landing, a 560-unit multi-housing community in North Lauderdale, Fla.
HFF managing director George Vail and director Jaret Turkell led the investment sales team exclusively on behalf of the seller, Principal Global Investors. Grand Peaks Property Management through a joint venture with Behringer Harvard purchased the property for $42 million utilizing a loan from Fannie Mae.
“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,” says Vail.
Parrot’s Landing Apartments is located at 7900 Hampton Boulevard across from the Hampton Pines Park and about two miles west of the Florida Turnpike in North Lauderdale. The property’s 24 residential buildings are situated on more than 25 acres and were built in two phases.
Phase I has 17 buildings with 408 units, which were renovated from 2007 to 2010 and average 912 square feet each. Phase II was completed in 1997 and features seven buildings with 152 units averaging 968 square feet each. Community amenities include a fitness center, car care center, lighted tennis court, two clubhouses and three pools.