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 rents for the 18 available units range from $2,025 to $2,850, the property’s website shows.
The property is fully stabilized, Bowery said in its news release. Its units skew larger, with an average apartment size of 1,007 square feet and the majority, or 73 percent, of units being two-bedrooms and three-bedrooms.
Grand Peaks, led by Luke Simpson, had paid $63 million for Cascade in 2021. At the time, South Florida multifamily boomed with record demand and rent growth, prompting an investment sales flurry that was further fueled by low interest rates.
Since then, elevated interest rates and somewhat skittish financing have slowed sales and created headwinds for apartment landlords seeking refinancing.
The complex is within the Hammocks community, one of the largest homeowners associations in the U.S., which was roiled in recent years due to the arrests of former board members on charges they misappropriated HOA funds. Four of the eight charged have pleaded guilty, while a court-appointed receiver, who remains as HOA monitor, oversaw recuperation of lost funds and bringing HOA management in order.
Bowery, led by Thomas Neary, is a family office that has steadily expanded its South Florida holdings in recent years. It paid $11.6 million in 2021 for an 89-unit complex in Miami’s Little Haiti, and then $44.1 million in 2024 for a 352-unit Lauderhill complex.
In November, Bowery bought the 191-unit The Queue apartment building in downtown Fort Lauderdale for $47.8 million, a discount from the property’s 2024 price of $58.9 million, records show.
Non-institutional buyers, including family offices such as Bowery, as well as individual investors and smaller groups, have been scooping up South Florida apartment properties in recent years.
Family offices are more active in part because they’re “less constrained by short-term fund dynamics,” Neary said in Bowery’s news release.
In other recent non-institutional deals, medical clinic entrepreneur Jorge Acevedo bought a 74-unit building in Hialeah for $21.2 million in March. In September, another health care honcho, Rudy Rodriguez-Duret, bought a 129-unit Kendall complex for $28.3 million.
Most recently, Property Reserve, the real estate investor for the reserve funds for The Church of Jesus Christ of Latter-day Saints, paid $240 million for a 456-unit complex near Boca Raton, marking one of South Florida’s largest multifamily deals this year.
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