MIAMI – HFF announced today that it has closed the sale of and arranged financing for the remaining 39 unsold units at Gables Court, a 159-unit, Class A condominium property in Miami, Florida.
HFF marketed the units on behalf of the seller, a locally-based real estate investor. 4831 Gables, LLC, an entity controlled by an out-of-state investor purchased the remaining units for $9 million. 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 Bank 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 percent leased property is located at 6811 SW 44th Street adjacent 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.
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.
In addition, Turkell represented the borrower in arranging acquisition financing for the transaction.
“The property features stable in-place cash flow with strong prospects for appreciation. This transaction was a win-win and both buyer and seller are extremely pleased with the results,” said Turkell.
HFF’s investment sales team closed more than $4 billion in multi-housing sales nationally through third quarter of 2013.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.