Franklin Street arranged the sale of two one-story apartment buildings totaling 15 units in the central section of Hialeah.
The buyer, 83-85 S LLC, paid $1.2+ million for the portfolio, which equates to $81.2 thousand per unit or $230 per square foot. The two buildings together comprise 5,300 square feet and are 100 percent occupied.
“This is a very strong price on a per square foot basis for this area,” said Hernando Perez, Director of Multifamily Investment Sales for Franklin Street. “Hialeah has a very stable rent market with little new construction over the past decade. Working-class families tend to settle for lengths of time, so it’s a great city in which to be a landlord.”
Perez, Dan Dratch, Oscar Banegas, Kameron Djamal and Greg Matus listed the properties on behalf of the seller, Oak Tree Investments Holding LLC of Miami, and secured the buyer.
Franklin Street’s Insurance Services team, led by Evan Seacat and Ryan Cassidy, provided insurance.
The apartment building located at 83 West 8th Street has nine studio units with rents ranging from $650 to $750 per month. The second property is located a block away at 85 West 10th Street. It has six one-bedroom/one-bath units with rents ranging from $750-$850 per month.
“We were first introduced to the principals of Oak Tree Investments while marketing one of Franklin Street’s South Florida Multifamily team exclusive listings,” said Dratch, Investment Sales Associate. “We connected them with our insurance team, which significantly lowered the clients’ premiums and greatly increased their cash flow and profits on their real estate investments. When Oak Tree Investments decided to sell their Hialeah portfolio, they gave us the exclusive listing. It’s a perfect example of how our collaborative platform is designed to work and adds value to our clients.”
Oak Tree Investments, which purchased the properties in 2014 and 2015 for $985, 000, decided to sell and invest their equity elsewhere.