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.
Why smaller buyers are winning deals
Industry coverage shows that family offices and other non-institutional buyers are stepping in where large institutional funds have grown cautious, using flexible capital and longer hold periods to close deals that do not fit big-fund models. A recent look in the Commercial Observer details how family offices are increasingly behaving like boutique equity firms, a dynamic that helps explain Bowery’s continued appetite in South Florida.
Local context is hard to ignore. The wider Hammocks community was rocked by a sprawling homeowners association fraud investigation and recent guilty pleas that prosecutors say diverted millions from residents, and those governance questions can complicate operations for buyers and managers. Reporting in the Miami Herald has laid out the plea deals and a court-appointed receiver’s efforts to rebuild oversight.
For Bowery, the Cascades purchase reinforces a playbook built around stabilized assets with predictable rent rolls rather than speculative redevelopments. The deal underscores how patient, non-institutional capital is still finding room to maneuver in South Florida even as broader financing conditions remain cautious.
