|Number of units||424|
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.
- 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