HFF Brokers The Sale of Bridges at Kendall Place Between Stockbridge and Jamestown For $52.7 million
HFF closed the sale of the 288-unit Bridges at Kendall Place and secured $26.6 million financing for the luxury apartment community.
By Robert Demeter
Miami–Holliday Fenoglio Fowler L.P. closed the $52.7 million sale of Bridges at Kendall Place and secured $26.6 million in acquisition financing for the 228-unit luxury apartment community in Miami. The sale price equated to $231,140 per unit and $215.7 per square foot. HFF represented both the seller and the buyer.
HFF Managing Director Jaret Turkell and Associate Director Maurice Habif represented the Atlanta-based seller, Jamestown, in the investment sale of the asset to Stockbridge Capital Group who purchased the asset on behalf of a pension fund. Stockbridge was represented by Managing Director Elliott Throne and Director Chip Sykes. HFF assisted the new owner in securing a 10-year, 3.45 percent, fixed-rate acquisition loan through Prudential Mortgage Capital Company.
Opened in October 2012, the 244,236 square-foot Bridges at Kendall Place garden-style community has seven, three-story residential buildings offering one-, two- and three-bedroom floor plans with a total of 342 parking spaces. Property amenities include a swimming pool and sundeck, playground, dog park, clubhouse, fitness center and business center as well as access to an adjoining park with lakes and walking trails. According to Yardi Matrix, a 635-square-foot one bedroom apartment is $1,539 per month while a three-bedroom, two-bathroom apartment is $1,970 per month. The community is currently managed by Greystar.
Bridges at Kendall Place is situated on 15.81 acres at 8485 Hammocks Blvd. in the Kendall neighborhood of western Miami. The property is within walking distance to several retail and dining options and convenient to several of the Miami area’s largest employers.
“Bridges at Kendall Place is a best-in-class asset in one of South Florida’s most dynamic and rapidly growing submarkets,” said Turkell. “This property is a core asset that is well positioned for long-term growth and strong performance.”
HFF recently secured $162 million in financing for the acquisition and conversion of Hall Street Complex into a creative loft office property in Brooklyn, N.Y.
Photos courtesy of Bridges at Kendall Place.