Sunday, January 18, 2015

IPA Sells Broward County, FL Multifamily Asset


The Cove at Parrot's Landing, 7575 Hampton Boulevard, North Lauderdale, FL

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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