FORT LAUDERDALE, FL—Behringer Harvard is showing the multifamily sector how to make a profit. The firm just sold Parrot’s Landing, a 560-unit multifamily complex on a 29-acre site in North Lauderdale to a Toronto-based real estate investment company.

Behringer acquired a 90% ownership interest in Parrot’s Landing in September 2010 through a joint venture between Behringer Harvard Opportunity REIT II and Grand Peaks Properties. The sale price two years ago was $42 million, or $75,000 a door.

“Job growth has resumed in South Florida, and the apartment market is benefitting from increased occupancy rates, which is putting upward pressure on rents,” Jason Mattox, COO of Behringer Harvard, tells GlobeSt.com. “Interest rates have remained low and sales volume has picked up as investors were attracted to the strong property performance in Florida’s core markets. These factors created an opportune environment for the marketing of Parrot’s Landing.”