Tuesday, November 6, 2012

ARA Announces the Sale of 560-Unit Luxury Multifamily Property in North Lauderdale, Broward County, FL


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.

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.”

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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