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Grand Peaks Properties Acquires Miami Multifamily For $63M With AEW Capital Management As Seller

Property Image
SOLD
$63,000,000
Jeff Furber
LS

Florida

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MultiFamily276,816 SF
Sold 03/15/2021
the dealplayerscompscontact
Property Image
SOLD

Grand Peaks Properties Acquires Miami Multifamily For $63M With AEW Capital Management As Seller

10605 Hammocks Boulevard, Miami, FL, USA

See Similar Deals
MultiFamily276,816 SF
Sold 03/15/2021
Jeff Furber
LS
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$227
Total Square Footage:276,816 SF
Transaction Type:Sale

The multifamily property located at 10605 Hammocks Boulevard in Miami has been sold in a recent transaction. The transaction took place on March 15, 2021, and the property was purchased by Grand Peaks Properties, represented by Luke Simpson. The seller of the property was AEW Capital Management, represented by Jeff Furber.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $63,000,000
  • Square Footage: 276,816 square feet
  • Price per Square Foot: $228
  • Number of Units: 264
  • Price per Unit: $238,636
  • Acres: 9.6
  • Price per Acre: $6,562,500

Luke Simpson of Grand Peaks Properties and Jeff Furber of AEW Capital Management played crucial roles in the deal. Luke Simpson represented the buyer, Grand Peaks Properties, while Jeff Furber represented the seller, AEW Capital Management.

Players

LS
Luke Simpson
6 deals$381.7M volume
BUYER
Jeff Furber
AEW Capital Management
Jeff Furber
14 deals$1B volume
SELLER

Details

SOLD
IMAGE: Luke Simpson & Jeff Furber DATE: 03/15/2021 ADDRESS: 10605 Hammocks Boulevard MARKET: Miami ASSET TYPE: Multifamily BUYER: Grand Peaks Properties - Luke Simpson SELLER: AEW Capital Management - Jeff Furber PRICE: $63,000,000 SF: 276,816 ~ PPSF: $228 UNITS: 264 ~ PPU: $238,636 ACRES: 9.6 ~ PPA: $6,562,500

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$223,825.69
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