MIAMI—One of the few remaining fractured condo projects in Miami has changed hands. HFF inked the sale and arranged financing for 39 unsold units at Gables Court, a 159-unit, class A condo in Miami.
HFF marketed the units on behalf of the seller, a locally-based real estate investor. 4831 Gables, LLC, an investment entity controlled by an out-of-state investor purchased the 39 units for $9 million.
The HFF team representing the seller was led by director Jaret Turkell, along with senior real estate analysts Scott Wadler and Maurice Habif. Jonathan Mann of Coldwell Banker also assisted the HFF team with the transaction.
“The property features stable in-place cash flow with strong prospects for appreciation,” says Turkell. “This transaction was a win-win and both buyer and seller are extremely pleased with the results.”
HFF also worked on behalf of the buyer to secure a low leverage, fixed-rate, non-recourse senior mortgage loan through Stonegate Bank to acquire the property. Cecilia Rivero, senior vice president at Stonegate, handled the loan.
Completed in 2005, Gables Court features six buildings with two- and three-bedroom units averaging 1,185 square feet each. Community amenities include a swimming pool, fitness center and clubroom with lounge and billiard table.
The 98% leased property is located at 6811 SW 44th Street next to Bird Ludlam Shopping Center and a short drive from Coral Gables, Dadeland Mall, Sunset Place, Merrick Park, and Miracle Mile. The University of Miami is also located less than two miles from the property, making this a popular choice for off campus student housing.
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