South Florida Multifamily Properties Trade for Combined Price of $100M
By Georgiana Mihaila, Associate Editor
Behringer Harvard’s 560-unit Parrot’s Landing recently changed ownership, as a Toronto-based real estate investment recently paid $56.3 million for the North Lauderdale property. The Boca Raton office of ARA brokered the sale of Parrot’s Landing, which was managed by a team including Avery Klann, Marc deBaptiste and Hampton Beebe.
Parrot’s Landing has been a part of Behringer Harvard’s portfolio since 2010, when the company had acquired a 90 percent ownership interest through a joint venture between Behringer Harvard Opportunity REIT II Inc.—a public non-listed real estate investment trust—and Grand Peaks Properties, a Denver-based real estate firm that acquired a 10 percent ownership interest and managed the property.
“Parrot’s Landing is an excellent example of our investment strategy at work, from acquisition to disposition,” said Michael O’Hanlon, CEO of Behringer Harvard Opportunity REIT II Inc. “We acquired it at a compelling basis and have been pleased with its performance in terms of sustained occupancy and net operating income, which exceeded expectations.”
Located in North Lauderdale—a suburb in central Broward County approximately 10 miles northwest of Fort Lauderdale—the multifamily community comprises 24 three-story residential buildings constructed in two phases, three swimming pools, a fitness center, a car-care center and a lighted tennis court. Units feature up to three bedrooms and two baths and average 927 square feet.
Another South Florida multifamily that changed hands this past week was the 396-unit Greenwich Park Apartments in North Miami. The buyer, an affiliate of Waterton Residential, paid $42.5 million for the 1550 NE 123rd St. property, according to the South Florida Business Journal. The seller was Real Estate Capital Partners.
Image Parrot’s Landing via Homes.com