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Walker & Dunlop, Inc. announced today that it completed the $255,000,000 sale of The Landmark South, a 631-unit, ultra-luxury multifamily property. Located in Doral, one of South Florida’s most coveted rental markets and the 11th fastest growing city in the United States, the property is perfectly poised to benefit from the increasing demand for rental housing.
Still Hunter, Greg Engler, and Kaya Suarez, of Walker & Dunlop’s South Florida property sales team, facilitated the transaction between the seller, an affiliate of AECOM-Canyon Partners, and buyer, JSB Capital Group. JSB Capital Group also worked in partnership with Aaron Appel, Keith Kurland, Adam Schwartz, Jon Schwartz, Tom Melody, Jonathan Paine, and Eric McGlynn from Walker & Dunlop’s Capital Markets team to finance the acquisition.
Jared Frydman with JSB Capital, noted, “This property fits extremely well with our long-term objectives, aiming to build a high-quality sustainable portfolio in growth markets. Our team was impressed with the quality of Walker & Dunlop’s execution on both the investment sales and mortgage brokerage side. The responsiveness, speed, and flexibility of the team made for a terrific execution. We look forward to furthering the relationship on many future opportunities.”
“We brought the strength and capabilities of the entire Walker & Dunlop platform to the table for our valued clients – making sure that we got the best possible results for each and that we met the needs of their business plans. The Landmark South acquisition is truly emblematic of our collaborative spirit, our full suite of financial offerings, and our acute market knowledge,” said Mr. Hunter. “This transaction is also among a handful of ‘pre-stabilized’ sales our team has completed in 2021, reflecting the ever-increasing popularity of multifamily investments across all investor types.”
The Landmark South is ideally situated in an affluent residential neighborhood of Doral. Surrounded by high end homes and townhomes, the community is zoned for highly regarded public schools and is walkable to nearby retail. Completed in two phases in 2017 and 2021, The Landmark South comprises three residential towers connected by a shared garage and market-leading community amenities, which include two resort-style swimming pools, two 24-hour fitness centers, a spa with oakwood saunas, and a pet spa. Featuring floor-to-ceiling windows and premium finishes, the spacious apartment homes include one-, two-, and three-bedroom options ranging from 680 to 1,445 square feet.
Walker & Dunlop is a leader in multifamily property sales, having completed $5.2 billion in property sales volume in the third quarter of 2021 alone, up 373% from the same period in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020.
About Walker & Dunlop
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune‘s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
