Miami-based Bowery Properties has scooped up the 264-unit Cascades at the Hammocks in West Kendall for about $65.5 million, assuming roughly $58 million of the seller’s Freddie Mac financing and adding a fully stabilized garden-style rental community to its portfolio. The deal closes while residents and managers are still dealing with the ripple effects of a high-profile homeowners association fraud case that put Hammocks governance under a harsh spotlight. For local renters, the complex remains attractive for its larger two- and three-bedroom layouts and overall family-oriented scale.
According to records and a buyer news release, Bowery paid $65.5 million for Cascades and took over two Freddie Mac loans of $40.6 million and $17.4 million, a structure that brings the effective price to roughly $248,100 per unit, according to The Real Deal. The transaction shifted ownership from Denver-based Grand Peaks to Bowery in early May and reflects a growing pipeline of non-institutional buyers in South Florida.
Cascades covers about 9.6 acres and was completed in 1988. The complex consists of 12 three-story buildings and 264 units, with an average apartment size near 1,007 square feet. The property’s leasing page lists 18 available units with asking rents from roughly $2,025 to $2,850, and public property records place the parcel at 10605 Hammocks Boulevard in unincorporated Miami-Dade County. Those details appear in local property records, per PropertyShark.
Bowery’s push into South Florida
Bowery, a Miami-based family office led by Thomas Neary, has been quietly but steadily expanding across the region with neighborhood-scale buys. The firm picked up an 89-unit property in Little Haiti in 2021, bought a 352-unit Lauderhill complex in 2024, and acquired the 191-unit The Queue in downtown Fort Lauderdale last year, a track record that underscores its preference for stabilized, cash-flowing assets. As The Real Deal reports, Neary has described family offices as “less constrained by short-term fund dynamics,” a point Bowery leans on to justify a steady buy-and-hold strategy…