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| Emerald Palms Apartments, Kendall, FL |
Miami, FL — The Boca Raton office of Atlanta-headquartered
ARA, the largest privately held, full-service investment advisory brokerage
firm in the nation focusing exclusively on the multihousing industry, announces
the sale of Emerald Palms, a 505-unit luxury garden apartment community
located in southern Miami-Dade County.
ARA South
Florida-based Senior Vice President Hampton Beebe along with Principals Avery
Klann and Richard Donnellan, represented Cleveland, OH-based Forest
City Residential Group’s Denver, CO-based Grand Peaks purchased the property
for $70,500,000.
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| Richard Donnellan |
“Emerald Palms was
built in multiple phases between 1985 and 2004 and has been owned for nearly 20
years by Forest City,” noted Richard Donnellan. “As a result, the property has
maintained stabilized long-term occupancy and premium rental rates.”
Phase I at Emerald
Palms includes 103 townhome units built in 1985 and 316 garden-style units
constructed in 1988. Phase II includes 86 apartment and townhome units
constructed in 2004.
“Grand Peaks plans to continue to improve Emerald Palms’
position in the market through their management expertise,” noted Hampton
Beebe, lead broker on the deal. “Many upgrades have already been implemented by
the former owner which enabled them to achieve rent premiums.”
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| Miami-Dade Community College Kendall, FL Campus |
Emerald Palms is
located just west of Florida’s Turnpike at SW 151st Street. The property enjoys
a convenient location in the Kendall/South Dade submarket, which includes 13.7
million square feet of office space.
Significant
employers within six miles include Baptist Health of Miami (4,700 employees),
Assurant Insurance (2,000 employees), PRC call center (1,600 employees) and the
South Dade Government Center (500 employees). The property is also only five
miles south of Miami-Dade College’s Kendall Campus, with an enrollment of more
than 35,000 students.
For a complete copy of the company’s news release, please
contact:
Lisa Robinson at lrobinson@ARAusa.com,
678.553.9360
Amy Morris at amorris@ARAusa.com, 678.553.9366;
locally, Marti Zenor, at mzenor@ARAusa.com
or 561.988.8800.
