FORT LAUDERDALE, FL-Continuing the multifamily momentum in South Florida, Parrot’s Landing has sold for $42 million, or $75,000 a door. The 560-unit apartment complex calls North Lauderdale home.

Holliday Fenoglio Fowler managing director George Vail and Director Jaret Turkell led the investment sales team exclusively on behalf of the seller, Des Moines, IA-based Principal Global Investors. Grand Peaks Property Management, a Denver-based apartment management company, through a joint venture with Addison, Texas-based commercial real estate investor Behringer Harvard, purchased the property with a Fannie Mae loan. The property is 94% occupied.

“Available financing is driving a lot of multifamily sales like this one,” Vail tells GlobeSt.com. “You can do a five-year loan with an interest rate of less than 4%. The seven- to 10-year deals are in the low- to mid-4% range. On the seven and 10-year deals you can get a year or two of interest only. We expect interest rates to stay this low for the next 12 months.”