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| The Cove at Parrot's Landing, 7575 Hampton Boulevard, North Lauderdale, FL |
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| Still Hunter III |
NORTH LAUDERDALE, FL -- Institutional Property Advisors (IPA), a division of Marcus &
Millichap Inc. specializing in serving institutional and major private real
estate investors, is pleased to announce the sale of The Cove at Parrot’s Landing, a 152-unit luxury
multifamily community located in the central Broward County city of North
Lauderdale, Fla.
The terms of the sale were not released.
IPA
senior director Still Hunter III represented the seller, Brass
Enterprises. The buyer is CFH Group.
“The Cove
at Parrot’s Landing is an excellent value-add investment opportunity due to its
high-quality 1997-vintage construction, attractive lakefront setting and ideal
mix of one-, two- and three-bedroom apartments,” says Hunter.
“The new owner plans to reposition the community by
reconfiguring and updating the clubhouse and other common areas and enhancing
the amenity package. Further revenue enhancement opportunities exist via minor
aesthetic improvements and upgrades to apartment interiors, the vast majority
of which have original finishes.”
Located
at 7575 Hampton Blvd. in North Lauderdale, the property provides
convenient access to the largest employment centers in Broward County from four
of the busiest transportation corridors in South Florida:
Florida’s Turnpike,
U.S. Route 441, University Drive and West McNab Road. North Lauderdale
Elementary School, Silver Lakes Middle School and a new Walmart Super Center
and Publix Supermarket are less than one-half mile from the community.
Coconut
Creek High School is five miles away.
Apartments at The Cove at Parrot’s Landing include separate laundry
rooms with full-size washer and dryer, walk-in closets, track lighting and
balconies with storage closets.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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