Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 301

Ares Management Real Estate Fund Announces Sale of Kendall Multifamily Complex in South Florida

Posted by fidest press agency su venerdì, 5 gennaio 2018

orlando-floridaAres Management L.P. (NYSE: ARES) announced today that funds managed by its Real Estate Group have completed the sale of Signature at Kendall, an upscale garden-style multifamily development with a total of 546 residential units located in the Kendall submarket of Miami. Terms of the sale were not disclosed.Located at 8881 SW 172nd Avenue in Kendall, FL, the property offers a full array of luxurious amenities. Construction of the initial phase began in late 2014, with the second commencing in mid-2015. The entire complex witnessed significant demand from tenants, driving leasing velocity and accelerating Ares’ successful exit of the investment sooner than originally anticipated.“Signature at Kendall marks our fifth ground-up development in Miami’s dynamic suburban multifamily market, a region of the U.S. where we have consistently invested in best-in-class multifamily and mixed-use developments,” commented Andrew Holm, Partner in the Real Estate group at Ares Management. “This transaction fits our longstanding national investment focus to identify opportunities in economically vibrant, major metropolitan markets that provide residents with attractive rents and amenities in prominent locations with proximity to key transportation thoroughfares and retail hubs.”Signature at Kendall is a gated community consisting of 21 three and four-story apartment buildings, covered parking close to each building, a main clubhouse that houses its management office, a resident lounge, business center and gym as well as such outdoor amenities as a resort-style swimming pool, an outdoor living room, a tot-lot and dog park. The second phase contains an additional pool, clubhouse, and fitness center.

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