Miami Investor Buys Miami-Dade Rental for $66M

Bowery Properties has paid $65.5 million for a garden-style multifamily complex in the outskirts of Miami-Dade County in the latest rental asset to sell for little gain. Called Cascades at the Hammocks, the property houses 264 apartments at 10605 Hammocks Boulevard, south of the Killian Parkway, within the Hammocks, one of the largest homeowners association communities in the county. The 9.6-acre Cascades property includes 12 three-story buildings that were constructed in 1988. The sale equates to about $248,100 per unit. The Miami-based buyer assumed the seller’s Freddie Mac-backed loan, which has $40.6 million in outstanding debt, from J.P. Morgan Chase through a commercial mortgage-backed securities trust, property records show. It also assumed a fixed-rate, Freddie Mac-backed mortgage, which has $17.4 million in outstanding debt, from JLL Real Estate Capital. Denver-based Grand Peaks bought the 276,816-square-foot asset for just under $63 million in 2021, during the height of the pandemic, when rental rates were soaring. Since then, rental growth has slowed. Other multifamily properties have begun to sell for modest gains. The real estate investment arm of the Church of Jesus Christ of Latter-day Saints paid $240 million for a rental complex in Boca Raton earlier this week. Although the transaction was South Florida’s largest multifamily sale so far this year, the 456-unit property sold for just $10 million more than what the seller had paid five years ago. A representative for Grand Peaks did not immediately respond to requests for comment. Bowery Properties could not be reached for comment. Julia Echikson can be reached at jechikson@commercialobserver.com.