Miami area multi-housing community trades
JLL Capital Markets closed the sale of Lago Paradiso at the Hammocks to Cortland
MIAMI – Oct. 4, 2021 – JLL Capital Markets announced today that it has closed the sale of Lago Paradiso at the Hammocks, a 424-unit, garden-style multi-housing community in the suburban neighborhood of Kendall in Miami-Dade, Florida.
JLL marketed the property on behalf of the seller, American Landmark Apartments. Cortland acquired the asset.
Lago Paradiso at the Hammocks comprises one- and two-bedroom units ranging from 552 to 945 square feet. Units feature designer cabinetry, granite counters, stainless steel appliances, full-size washers and dryers, walk-in closets and screened patios and balconies. The community offers two pools, a 24-hours fitness center, clubhouse with WiFi cafe, fire pit area, outdoor kitchen with gas grills, 24-hour package room, sailing and fishing, lakeside jogging and bike trail and controlled access.
Located at 15000 SW 104th St., residents of Lago Paradiso at the Hammocks enjoy direct access to many of Florida’s major highways, located just 16 and 10 miles southwest of Downtown Miami and Miami International Airport respectively. To the west is the Florida Turnpike and US Highway 1, with subsequent linkage to Interstate 95 to the east. The property offers easy access to local retail, entertainment and dining options, including The Fall, Dadeland Mall, Palms at Town & Country, Port of Miami and Freedom Park Stadium.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Maurice Habif, Directors Simon Banke and Ted Taylor and Associate Jo Rousseau.
“Lago Paradiso represents a fantastic investment opportunity combining a phenomenal location and strong resident profile in a highly supply-constrained suburban market,” said Banke. “The potential for physical improvements at the property is supported by incredible market fundamentals and we are excited to see the community’s performance under Cortland’s ownership.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About American Landmark Apartments
American Landmark Apartments is one of the fastest growing multifamily owner-operators in the United States. Based in Tampa, FL, American Landmark owns and operates multifamily communities in Georgia, Florida, North Carolina, South Carolina, Tennessee and Texas, comprised of approximately 32,000 units.
Cortland is a vertically integrated, multifamily real estate investment, development and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, over 200 apartment communities comprised of more than 70,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities, leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland maintains a management and development platform in the UK.
Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager, the Top Brand Performer for online reputation in 2021 (Reputation Score by reputation.com), and is a Great Place to Work-Certified™ Company (2021). For more information, please visit cortland.com.