Bowery Properties Acquires 264-Unit Cascades At The Hammocks In Miami For $65.5M

The property asset involved in the transaction is a multifamily community known as Cascades at the Hammocks, located at 10605 Hammocks Boulevard in Miami. This 264-unit garden-style community was acquired for $65,500,000, with a price per unit of $248,106. It spans a total of 265,872 square feet, resulting in a price per square foot of $246. The acquisition was facilitated through assumable financing via Freddie Mac, featuring a fixed interest rate of 4.47%.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $65,500,000
• Buyer: Thomas Neary - Bowery Properties
• Seller: Grandpeaks
• Brokers: Still Hunter & Kaya Robert Suarez - Walker & Dunlop
• Units: 264
• Square Feet: 265,872
• PPU: $248,106
• PPSF: $246

Key individuals involved in the transaction include Thomas Neary, the Founder of Bowery Properties, who emphasized the strategic acquisition of a well-located asset that fits the firm's investment criteria. Additionally, the property is situated within the Hammocks master-planned association, which offers residents access to a supportive neighborhood environment. This acquisition increases Bowery's total ownership in the Kendall submarket to over 600 units, including a previous purchase of The Stratford Apartments in April of the prior year.