So either
1) the filter/restriction on ranking parked domains isn’t quite so absolute, and you can slip in a domain for a not-so-competitive phrase with the right title & domain, or
2) this guy is doing something extra clever or different that google isn’t currently catching

I’m a total n00b at this, but my probably wrong opinion is that it’s #1. I’ve occasionally seen inadvertently parked domains rank for phrases in the domain name. I think I’ve even done it myself by failing to redirect a domain properly.

I suspect that they could be a lag time in which google gives some credit for the site that “used to be there” if the domain had enough prior credibility, backlinks, etc.

But It looks like this one expired last year, so that is a pretty long time for the domain to maintain that credibility.