Hialeah Apartment Community Fetches Nearly $200,000 Per Unit

Sep 28, 2020 No Comments by

Marcus & Millichap negotiated the sale of Hilton Estates, a 66-unit apartment property located at 6365 W 24th Ave. in Hialeah, according to Ryan Nee, Regional Manager of the firm’s Fort Lauderdale office.

The asset sold for $13,000,000, equating to $196,970 per unit.

Alejandro J. Gonzalez, Evan P. Kristol and Felipe J. Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Eduardo Toledo and Jonathan De La Rosa, investment specialists in Marcus & Millichap’s Miami office.

Robert Bhat, First Vice President of Marcus & Millichap Capital Corp’s Miami office, arranged at 75 percent loan to value loan totaling $9.75 million. The nonrecourse structure included a 3.26% interest rate fixed for 12 years, and 4 years of interest only, followed by a 30-year amortization.

 

“The amount of interest we received for Hilton Estates is a true indicator of the strength of the South Florida Apartment Market and how the unique Marcus & Millichap platform assists our clients in accomplishing their investment goals,” said Echarte.

 

“The Hialeah submarket has one the lowest vacancy rates in Miami Dade and our client was able to obtain aggressive loan terms which made the deal very attractive,” explained De La Rosa.

 

 

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Industry News, Miami-Dade County Multifamily, Multifamily, NA
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