Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1988
Building Area
Land Area ()
Number of units 264

Property Description

Jones Lang LaSalle (JLL) is pleased to exclusively offer the opportunity to acquire Cascades at the Hammocks, a 264-unit, garden-style, multi-housing asset in a prime suburban growth market in South Florida – Kendall, Miami-Dade County, Florida. This 1988 vintage, institutional-quality asset features a fantastic amenity base as well as top-tier finishes that jointly appeal to today’s highly discerning renter.

The property is ideally situated adjacent to a beautiful lake and 7-mile running trail within The Hammocks and surrounded by beautiful scenery, including lakes and green spaces, in an extremely dense and amenity-rich neighborhood. It has been meticulously maintained by the current owner, which recently completed an upgrade program in 2018-19 including unit interiors, as well as the clubhouse, fitness center, pool and other common areas.

Investment Highlights

  • South Florida, suburban, garden style asset – core-plus property with value-add returns
  • Impeccably maintained asset – upgrade program completed in 2018
  • Affluent resident profile with $94,500 average income within the Hammocks neighborhood
  • Highly-rated school district
  • Strong property performance through COVID
  • 62% retention ratio
  • 97% occupancy
  • Strong leasing velocity
  • Within the Hammocks Association, which allows residents access to countless community activities
  • Discount to replacement cost
  • Established demand in a market with virtually no incoming supply – 1 rental community under construction
  • Quick and easy access to strong demand drivers and employment centers


Last Updated Date: 08 Nov 2020
Maurice Habif
Maurice Habif
Senior Director, Capital Markets
License details
FL-SL3253490
Simon Banke
Simon Banke
Director, Capital Markets

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Last Updated Date: 08 Nov 2020

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