Lago Paradiso at the Hammocks, a 424-unit, garden-style multi-housing community in the suburban neighborhood of Kendall in Miami-Dade, Florida, has traded for $99 million. JLL marketed the property on behalf of the seller, American Landmark Apartments and multifamily investment firm Cortland was the buyer. The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Maurice Habif, Directors Simon Banke and Ted Taylor and Associate Jo Rousseau.
Lago Paradiso at the Hammocks comprises one- and two-bedroom units ranging from 552 to 945 square feet. Units feature designer cabinetry, granite counters, stainless steel appliances, full-size washers and dryers, walk-in closets and screened patios and balconies. The community offers two pools, a 24-hours fitness center, clubhouse with WiFi cafe, fire pit area, outdoor kitchen with gas grills, 24-hour package room, sailing and fishing, lakeside jogging and bike trail and controlled access.
Located at 15000 SW 104th St., residents of Lago Paradiso at the Hammocks enjoy direct access to many of Florida’s major highways, located just 16 and 10 miles southwest of Downtown Miami and Miami International Airport respectively. To the west is the Florida Turnpike and US Highway 1, with subsequent linkage to Interstate 95 to the east. The property offers easy access to local retail, entertainment and dining options, including The Fall, Dadeland Mall, Palms at Town & Country, Port of Miami and Freedom Park Stadium.
“Lago Paradiso represents a fantastic investment opportunity combining a phenomenal location and strong resident profile in a highly supply-constrained suburban market,” said Banke. “The potential for physical improvements at the property is supported by incredible market fundamentals and we are excited to see the community’s performance under Cortland’s ownership.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Images via JLL
This article was produced in partnership with JLL