MIAMI—Emerald Palms, a 505-unit luxury garden apartment community in south Miami-Dade County, has traded for $70.5 million. Forest City Residential sold the multifamily asset to Grand Peaks.
ARA South Florida-based senior vice president Hampton Beebe, along with principals Avery Klann and Richard Donnellan, represented Forest City. Emerald Palms was 93% occupied at the time of sale.
“Emerald Palms was built in multiple phases between 1985 and 2004 and has been owned for nearly 20 years by Forest City,” says Donnellan. “As a result, the property has maintained stabilized long-term occupancy and premium rental rates.”
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