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| Parrot's Landing, North Lauderdale, FL |
North Lauderdale, FL — The Boca Raton, FL office of
Atlanta-headquartered ARA, the largest privately held, full-service investment
advisory brokerage firm in the nation focusing exclusively on the multihousing
industry, announces the sale of Parrot’s Landing, a 560-unit luxury
garden apartment community located in North Lauderdale in Broward County.š
ARA South
Florida-based Principals, Avery Klann and Marc deBaptiste, along
with Senior Vice President, Hampton Beebe, represented Behringer-Harvard
and Grand Peaks in the transaction. šDedicated Capital Investments was selected
as the buyer and purchased the property for $56,300,000.
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| Avery Klann |
“The property was
built in two phases,” noted deBaptiste. “Phase I, with 408 units, was constructed
in 1987 and renovated in 2007-2010. Phase II, with 152 units, was constructed
in 1997.”
“Although Parrot’s
Landing has benefitted from an $8.4 million interior and exterior renovation
program, the buyer will likely be implementing value-add interior enhancements
to further boost rents,” noted Klann, lead broker on the deal.
“Newer properties in
the submarket are achieving rent premiums of $75-$150. New appliances,
cabinets, countertops, light fixtures and new molding can provide substantial
upside in rental revenue.”
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| Marc deBaptiste |
The property is located less than four miles west of the
thriving Cypress Creek office market, containing approximately 4.8 million
square feet of office space and over 15,000 employees. This market is home to
large corporate headquarters and major employers such as Citrix Systems (1,428
employees), Kaplan Higher Education (2,800 employees), Humana, Brown &
Brown Insurance, CBS Interactive, Liberty Power Corporation, DataCore Software
Corporation and numerous other well-known national companies.š
To schedule an
interview with an ARA executive regarding this transaction or for more
information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy
Morris at amorris@ARAusa.com, 678.553.9366;
locally, Marti Zenor, at mzenor@ARAusa.com
or 561.988.8800.šš
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