An affiliate of Toronto, Canada-based Brass Enterprises, has sold the Parrot’s Landing apartment complex in North Lauderdale for $53.75 million. Located at 7900 Hampton Blvd., the 408 unit property was acquired by Parrot’s Landing LLC, managed by Indra Singh in Lauderdale Lakes. The deal was completed with a $48.6 million mortgage provided by Arbor Realty. The buyer was represented by Ronald Meyerson of Miami-based Melo Real Estate.
“The buyer has a value-add plan to upgrade the property and increase rents to meet surrounding [comparable properties],” said Ronald Meyerson, Melo Real Estate. “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.”
