Franklin Street Real Estate Services announces the sale of 30-unit apartment building in Hialeah, Fla. for $2.95 million or $136.00 per square foot.
Deme Mekras, Elliot Shainberg, and David Reinke, all of Franklin Street Real Estate Services, represented the seller, a local family partnership. The buyer was an investor from Haiti who paid all cash, said Mekras, regional managing partner for Franklin Street’s Miami office.
“Hialeah is one of the hottest areas in the Miami metro area for apartment rentals,” said Mekras. “Occupancies are higher in this sub-market than any other in Southeast Florida. Investors are recognizing that market security and are willing to pay top dollar for the dependability.”
Mekras said most of the multifamily investors in Hialeah are local or regional players, but he’s now seeing more foreign dollars flowing into the area.
“Traditionally, foreign investors have concentrated on Miami and the beaches, but they are now seeing opportunities all over South Florida,” said Mekras. “They are buying wherever they see strong fundamentals and the potential for long-term value. Hialeah is one of those areas.” Mekras and his team closed this particular deal within 90 days from listing to closing, further indicating a heated market in South Florida.
Mekras said the buyer plans to improve the parking lot, add new railings and a fresh coat of paint to enhance the property, located at 1255 W Okeechobee Road.
About Franklin Street: Franklin Street is a family of real estate companies focused on delivering value-added solutions to meet the evolving needs of our clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions – Real Estate, Capital, Insurance and Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please see the company’s website at FranklinSt.com. Download PDF