|Number of units||264|
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.
- 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