AEW Sells Miami apartments to Grand Peaks for $63M

AEW Capital Management sold the Cascades at the Hammocks multifamily complex in southwest Miami-Dade County for $63 million.

Records show AEW’s affiliate, Cascades at Hammocks LLC, sold the apartments at 10605 Hammocks Boulevard, to Grand Peaks Properties’ affiliate Cascades Hammocks Apartments LLC.

Denver-based Grand Peaks, led by Luke Simpson, took out a $28.2 million loan from JLL Real Estate Capital to finance the purchase.

The 264-unit apartment complex was built in 1988 and spans 9.6 acres north of Miami Executive Airport, according to property records. It has multiple three-story buildings that total 276,816 square feet. The sale equates to $238,636 per unit.

Boston-based AEW, led by Jeff Furber, bought the complex in 2001 for $19.55 million from Archon Group, based in Irving, Texas, according to a deed.

Grand Peaks, founded in 2003, buys, renovates and develops multifamily in Arizona, Colorado, Florida, Oregon, Texas and Washington, according to its website. It also has a property management division.

All of its 11 Sunshine State properties are in South Florida. In 2018, Grand Peaks bought 7 West Apartments, previously called Sundance Village, near Florida International University in Sweetwater for $65.6 million. It also bought Uptown 22 Apartments, previously called Mangonia Residence Apartments, in West Palm Beach in 2018 for $21.4 million.

Grand Peak’s other complexes in Miami-Dade include Ludlam Point at 6880 Southwest 44th Street, and Emerald Palms at 12325 Southwest 151st Street.

AEW, whose North America CEO is Jonathan Martin, has disposed of several of its major South Florida properties in recent months.

Most notable is its January sale of Phillips Point office tower in downtown West Palm Beach to Related Companies for $282 million, which marked the largest office sale in South Florida in over a year.