Bowery pays $66M for Hammocks apartments amid rise of non-institutional buyers

Bowery Properties bought an apartment complex for $65.5 million, as non-institutional investors gain ground in the South Florida multifamily market.  Miami-based Bowery bought the 264-unit Cascades at the Hammocks at 10605 Hammocks Boulevard in the West Kendall neighborhood in unincorporated Miami-Dade County from Denver-based Grand Peaks, according to records and the buyer’s news release.  The buyer assumed the seller’s $40.6 million and $17.4 million debts on the property, both Freddie Mac loans, records show.  The sale breaks down to $248,100 per unit.  Completed in 1988 on 9.6 acres, Cascades consists of 12 three-story buildings offering one-bedroom to three-bedroom apartments. Monthly […]This article originally appeared on The Real Deal. Click here to read the full story.