Bowery Properties Buys Miami’s Cascades at the Hammocks for $65.5 Million

Overview

• Bowery Properties bought the 264-unit Cascades at the Hammocks in Miami-Dade County for $65.5 million.
• The buyer took over two Freddie Mac–backed mortgages with about $58.0 million outstanding, including $40.6 million via a J.P. Morgan CMBS trust and $17.4 million from JLL Real Estate Capital.
• The price comes to about $248,100 per apartment.
• Grand Peaks paid just under $63 million in 2021, showing how cooled rents have trimmed resale upside.
• Other recent South Florida deals show the same pattern, including a $240 million Boca Raton sale that was only $10 million above its price five years earlier.