Ares Management Real Estate Fund Announces Sale of Kendall Multifamily Complex in South Florida
January 04 2018 - 6:30AM
Business Wire
Ares 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.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $106 billion of assets
under management as of September 30, 2017 and more than 15 offices
in the United States, Europe, Asia and Australia. Since its
inception in 1997, Ares has adhered to a disciplined investment
philosophy that focuses on delivering strong risk-adjusted
investment returns throughout market cycles. Ares believes each of
its three distinct but complementary investment groups in Credit,
Private Equity and Real Estate is a market leader based on assets
under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part
of the greater whole. For more information, visit
www.aresmgmt.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180104005340/en/
MediaMendel Communications, LLCBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestorAres Management,
L.P.Carl Drake, +1 800-340-6597cdrake@aresmgmt.com
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