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.
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