Multi-Housing

Lago Paradiso at the Hammocks

15000 SW 104th St Miami, Florida United States 33196-3263
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Building Area
Land Area ()
Number of units 424

Property Description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire Lago Paradiso at the Hammocks (the “Property”), a 424-unit, garden-style, multi-housing asset in a prime suburban growth market in South Florida – Kendall, Miami-Dade County, FL. This 1987 vintage, institutional-quality asset features a fantastic amenity base as well as top-tier finishes that jointly appeal to today’s highly discerning renter. The Property is ideally situated adjacent to a beautiful lake and 7-mile jogging/walking trail within The Hammocks and surrounded by beautiful scenery, including lakes and green spaces, in an extremely dense and amenity-rich neighborhood. The Property has been meticulously maintained by the current Owner, which recently completed a $3.8 million upgrade program and stands to benefit from further upgrades.



Lago Paradiso at the Hammocks represents a unique acquisition opportunity combining an incredibly located suburban asset and an affluent demographic profile ($95K average income within The Hammocks) that provides steady cash flow and a clear path to continued rental rate growth.

Investment Highlights

  • South Florida, suburban, garden style asset – core-plus property with value-add returns
  • Impeccably maintained asset recently upgraded with additional upside
  • Affluent resident profile with $94,500 average income within the Hammocks neighborhood
  • Highly-rated school district
  • Strong property performance through COVID
    • 6% growth on recent leases
    • 50+% retention ratio
    • 96% occupancy
    • Minimal bad debt
  • Located within the Hammocks Association, which allows residents access to countless community activities
  • Discount to reproduction cost
  • Established demand in a market with no incoming supply – zero rental communities under construction within The Hammocks
  • Quick and easy access to strong demand drivers and employment centers
Last Updated Date: 05 May 2021
Maurice Habif
Maurice Habif
Managing Director, Capital Markets
License details
FL-SL3253490
Simon Banke
Simon Banke
Director, Capital Markets

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Last Updated Date: 05 May 2021

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