Grand Peaks Sells Miami-Area Apartments for $65.5M
Grand Peaks Properties sold Cascade at the Hammocks, a 264-apartment complex at 10605 Hammocks Blvd., to Bowery Properties for $65.5 million. The S. Florida Business Journal reports that the buyer assumed the seller’s $40.58 million mortgage with JPMorgan Chase through a commercial mortgage-backed securities (CMBS) trust. The price worked out to $248,106 per unit.
The West Kendall apartment complex last traded for $62.95 million in 2021. That could be a reflection of stagnant rents and higher interest rates.Totaling 276,816 square feet in three stories, the apartment complex was built on the 9.6-acre site along a lake in 1988. It includes a pool, a business center and a tennis court.
Units in Cascades at the Hammocks range from 625 to 1,488 square feet and rent from $2,060 to $3,010.
Bowery Properties recently acquired a Fort Lauderdale apartment complex for $47.5 million.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout