MIAMI—Emerald Palms, a 505-unit luxury garden apartment community in south Miami-Dade County, has traded for $70.5 million. Forest City Residential sold the multifamily asset to Grand Peaks.
ARA South Florida-based senior vice president Hampton Beebe, along with principals Avery Klann and Richard Donnellan, represented Forest City. Emerald Palms was 93% occupied at the time of sale.
“Emerald Palms was built in multiple phases between 1985 and 2004 and has been owned for nearly 20 years by Forest City,” says 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,” says Beebe, lead broker on the deal. “Many upgrades have already been implemented by the former owner which enabled them to achieve rent premiums.”
Located just west of Florida’s Turnpike at SW 151st Street, the multifamily asset calls the Kendall/South Dade submarket home. The submarket boasts 13.7 million square feet of office space and is only five miles south of Miami-Dade College’s Kendall Campus.
Both points are significant because they offer a built-in demand for multifamily living. Miami-Dade College’s Kendall Campus, for example, has an enrollment of more than 35,000 students. And significant employers within six miles include Baptist Health of Miami, Assurant Insurance, PRC call center, and the South Dade Government Center.