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| Gables Court, 6811 SW 44th Street, Miami, FL |
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| Jaret Turkell |
MIAMI, FL – HFF announced it has closed the sale of and
arranged financing for the remaining 39 unsold units at Gables Court, a
159-unit, Class A condominium property in Miami, Florida.
HFF
marketed the units on behalf of the seller, a locally-based real estate
investor. 4831 Gables, LLC, an
investment entity controlled by an out-of-state investor purchased the
remaining units for $9 million.
HFF also worked on behalf of the buyer to secure a low
leverage, fixed-rate, non-recourse senior mortgage loan through Stonegate Bank
to acquire the property. Cecilia
Rivero, senior vice president at Stonegate Bank handled the loan.
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| Maurice Habif |
Completed in 2005, Gables Court
features six buildings with two- and three-bedroom units averaging 1,185 square
feet each. Community amenities include
a swimming pool, fitness center and clubroom with lounge and billiard
table.
The 98 percent leased property is located at 6811 SW 44th
Street adjacent to Bird Ludlam Shopping Center and a short drive from Coral
Gables, Dadeland Mall, Sunset Place, Merrick Park and Miracle Mile.
The University of Miami is also located less than two miles
from the property, making this a popular choice for off campus student housing.
The HFF team representing the seller was led by director Jaret
Turkell along with senior real estate analysts Scott Wadler and Maurice
Habif. Jonathan Mann of
Coldwell Banker also assisted the HFF team with the transaction.
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| Jonathan Mann |
In addition, Turkell represented the borrower in arranging
acquisition financing for the transaction.
“The property features stable in-place cash flow with strong
prospects for appreciation. This
transaction was a win-win and both buyer and seller are extremely pleased with
the results,” said Turkell.
HFF’s investment
sales team closed more than $4 billion in multi-housing sales nationally
through third quarter of 2013.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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