Thomas Neary Of Bowery Properties Acquires 264-Unit Multifamily Asset In West Kendall For $65.5M

The property asset involved in the context is a multifamily development located at 10605 Hammocks Boulevard in West Kendall, Miami, encompassing 9.6 acres. The transaction was executed at a sale price of $65,500,000, with a total of 264 units, resulting in a price per unit of $248,106.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $65,500,000
• Units: 264
• Price Per Unit: $248,106
• Buyer: Thomas Neary - Bowery Properties
• Seller: Luke Simpson - Grand Peaks Properties
• Lender: Freddie Mac

Thomas Neary represents Bowery Properties in the acquisition of the 264-unit asset from Luke Simpson of Grand Peaks Properties. The deal involved the assumption of $58 million in Freddie Mac debt tied to the property. This transaction reflects ongoing activity from family office and non-institutional buyers in the South Florida multifamily market.