Jamestown sells Bridges at Kendall Place apartments for $53M

Stockbridge Capital Group financed the sale with a $26.6M loan

Mar.March 14, 2016 12:45 PM

Stockbridge Capital Group has picked up a newly completed apartment complex in Miami’s Kendall neighborhood for $52.7 million, or about $231,140 per unit. 

Miami-Dade County property records show Jamestown sold the Bridges at Kendall Place, a 228-unit, luxury apartment community. Stockbridge financed the deal with a $26.6 million loan, HFF announced on Monday.

HFF brokered deal and arranged the financing, according to a press release. Jaret Turkell and Maurice Habif represented Jamestown, an Atlanta-based real estate investment and management firm. Elliott Throne and Chip Sykes represented Stockbridge.

Prudential Mortgage Capital provided the 10-year, 3.45 percent fixed-rate acquisition loan, according to HFF.

The nearly 16-acre property, at 8485 Hammocks Boulevard, was completed in 2013. It features seven three-story residential buildings totaling 244,236 square feet of apartment space. The 228 apartments range from one to three bedrooms. Amenities at Bridges at Kendall Place include a swimming pool and sun deck, children’s room and playground, dog park, clubhouse, fitness center, business center and access to a neighboring park with lakes and walking trails.

Turkell called Kendall one of the region’s most rapidly growing submarkets and said the property is “a core asset that is well positioned for long-term growth and strong performance,” according to the press release.

Stockbridge has been active in South Florida, more recently with its acquisition of a newly developed retail center in Royal Palm Beach for about $29 million in February, and in January the San Francisco-based firm sold a Margate retail center for $28 million. The real estate and investment management firm has about $9.8 billion of assets under management as of September 2015, according to its website.

In January, Jamestown closed on a $35 million mortgage for a newly renovated apartment complex it owns in Sunny Isles Beach. The company has also been active in Miami Beach on the retail side. – Katherine Kallergis

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