Behringer Harvard sells multifamily community in Fort Lauderdale
Behringer Harvard has completed the sale of Parrot's Landing, a 560-unit multifamily community situated on a 29-acre site in North Lauderdale, a suburb in central Broward County approximately 10 miles northwest of Fort Lauderdale.
The buyer was a Toronto-based real estate investment company focusing on multifamily communities
"Parrot's Landing is an excellent example of our investment strategy at work, from acquisition to disposition. We acquired it at a compelling basis and have been pleased with its performance in terms of sustained occupancy and net operating income, which exceeded expectations," says Michael O'Hanlon, chief executive officer of Behringer Harvard Opportunity Reit II. "In addition to these property-level performance factors, heightened investor interest in the multifamily property sector has been compressing cap rates. These conditions combined to make this an opportune time for us to market Parrot's Landing and capture an attractive return on our investment."
Behringer Harvard acquired a 90 per cent ownership interest in Parrot's Landing in September 2010 through a joint venture between Behringer Harvard Opportunity Reit II, a public non-listed real estate investment trust, and Grand Peaks Properties, a Denver-based real estate firm that acquired a 10 per cent ownership interest and managed the property. The Boca Raton office of ARA brokered the sale of Parrot's Landing, which was managed by a team including Avery Klann, Marc deBaptiste, and Hampton Beebe.
The Parrot's Landing community, at 7900 Hampton Blvd, comprises 24 three-story residential buildings constructed in two phases, three swimming pools, a fitness centre, a car-care centre and a lighted tennis court. Units feature up to three bedrooms and two baths and average 927 square feet.