Grand Peaks Exits Miami Apartment Complex for $65.5M
Denver-based Grand Peaks Properties sells 264-unit Cascades at the Hammocks to Bowery Properties for $65.5 million, marking the top commercial deal in South Florida last week. The transaction valued each apartment unit at $248,100.
Denver-based Grand Peaks Properties completed the sale of a 264-unit apartment complex in Miami-Dade County for $65.5 million, representing the largest commercial real estate transaction recorded in South Florida during the first week of May.
Bowery Properties, led by Thomas Neary and based in Miami, acquired the Cascades at the Hammocks located at 10605 Hammocks Boulevard in unincorporated Miami-Dade County. The transaction valued each apartment unit at approximately $248,100, with the nearly 277,000-square-foot complex changing hands through an LLC structure.
Grand Peaks Properties originally purchased the property in 2021 for just under $63 million, indicating a modest gain of roughly $2.5 million over the three-year holding period. The sale reflects ongoing investor interest in South Florida's multifamily housing sector, where institutional buyers continue targeting well-positioned rental properties.
The residential market also saw significant activity, with Fort Partners achieving the week's top residential sale. The firm, led by Nadim Ashi, sold a penthouse unit at the Seaway at The Surf Club North in Surfside for $41 million. Located at 9165 Collins Avenue, the 7,900-square-foot penthouse commanded nearly $5,200 per square foot, with the buyer structured as a trust entity.
In Palm Beach, a residential property at 309 Chapel Hill Road traded for $21 million, or approximately $4,700 per square foot. The 4,500-square-foot home, built in the 1980s with four bedrooms and five bathrooms, had previously sold in 2023 for $15.5 million. Ryan Wilson's trust served as the seller, while 309 Chapel Hill Road LLC purchased the property. Christian Angle Real Estate represented both parties in the transaction.
Coral Gables recorded notable land activity with a nearly one-acre vacant lot at 9175 Arvida Drive selling for $14.9 million, or about $344 per square foot. Developer Humberto Ramirez, who acquired the property in 2023 for $10.4 million, sold to an LLC connected to architect Cesar Molina. The transaction demonstrates the premium values attached to development-ready parcels in established neighborhoods.
Additionally, a newly constructed home at 4280 Ingraham Highway in Miami changed hands for $11.4 million. The 7,300-square-foot residence, featuring eight bedrooms and eight and a half bathrooms, sold for approximately $1,600 per square foot. Samuel Bissu's LLC sold the property to a company managed by Lucie Berchem, Vincent Berchem, and Marie Devo.
These transactions underscore South Florida's continued appeal to high-net-worth individuals and institutional investors, with premium properties commanding strong pricing across both residential and commercial sectors.
