MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Parrot’s Landing (top left photo), a 560-unit multi-housing community in North Lauderdale, Florida.
HFF managing director George Vail (middle right photo) and director Jaret Turkell (middle left photo) led the investment sales team exclusively on behalf of the seller, Principal Global Investors.
Grand Peaks Property Management through a joint venture with Behringer Harvard purchased the property for $42 million utilizing a loan from Fannie Mae.
Parrot’s Landing Apartments is located at 7900 Hampton Boulevard across from the Hampton Pines Park and about two miles west of the Florida Turnpike in North Lauderdale.
The property’s 24 residential buildings are situated on more than 25 acres and were built in two phases. Phase I has 17 buildings with 408 units, which were renovated from 2007 to 2010 and average 912 square feet each.
Phase II was completed in 1997 and features seven buildings with 152 units averaging 968 square feet each. Community amenities include a fitness center, car care center, lighted tennis court, two clubhouses and three pools.
“This was an outstanding opportunity for a buyer to come in and purchase an institutional quality-owned product at a significant discount to the current owner’s cost basis and replacement cost,” said Vail.
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $215.4 billion in assets primarily for retirement plans and other institutional clients as of December 31, 2009.
Strategically headquartered in Denver, Colorado, Grand Peaks Property Management is a fully integrated apartment management company. They specialize in all aspects of multifamily management from luxury to tax credit communities.
Grand Peaks Property Management excels in the management, marketing and lease up of apartment communities; with acquisition, disposition and redevelopment consulting expertise.
Contacts:
George Vail, HFF Managing Director, (305) 448-1333, gvail@hfflp.com
Jaret Turkell, HFF Director, (305) 448-1333, jturkell@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing. (713) 852-3500, krmurphy@hfflp.com
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