Grand Peaks Sells Miami-Area Apartments for $65.5M

Grand Peaks Properties sold Cascade at the Hammocks, a 264-apartment complex at 10605 Hammocks Blvd., to Bowery Properties for $65.5 million. The S. Florida Business Journal reports that the buyer assumed the seller’s $40.58 million mortgage with JPMorgan Chase through a commercial mortgage-backed securities (CMBS) trust. The price worked out to $248,106 per unit. The West...