Ronald Meyerson, P.A, Senior VP of Multifamily Sales with Melo Real Estate, a Miami-based boutique real estate firm lead by Frank Rodriguez Melo, CCIM that specializes in multifamily and retail acquisitions and management, negotiated the sale of a 17-building, 408-unit multifamily asset for a total of $53.75 million, or $131,800 per unit.
Parrot’s Landing LLC purchased Phase I of Parrot’s Landing Apartments, located at 7900 Hampton Boulevard in North Lauderdale, from an affiliate of Toronto, Canada-based Brass Enterprises.
The deal closed July 1.
“The buyer has a value add plan to upgrade the property and increase rents to meet surrounding comps,” commented Meyerson. “That combined with the ability to maximize economies of scale with the few hundred units the Buyer owns just a short distance away from Parrot’s Landing, should provide the new owners with plenty of growth opportunity.”
Meyerson represented the Buyer in the transaction.
Situated on a wooded site with lakefront views, a meandering waterway and two nature preserves, Parrot’s Landing provides the perfect setting for relaxed, carefree living. Parrot’s Landing offers large 1 & 2 bedroom apartments for rent in the North Lauderdale – Coral Springs area. Units feature private patios and balconies, vaulted ceilings, ceramic tiled kitchens and baths, oversized closets and plenty of storage space.
Parrot’s Landing residents also enjoy easy access to five major traffic arteries serving South Florida including the Florida Turnpike, which is two miles to the west, and Interstate 95, which is five miles to the east.
In February 2016, Meyerson negotiated another multifamily property sale. Oasis Apartments, a seven-building, mid-rise multifamily asset, sold for a total of $10 million, or $71,428 per unit. Brass paid $7 million for the multifamily complex in 2012.
So far in 2016, Melo Real Estate has closed more than $75 million in multifamily transactions.
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