MIAMI—Hialeah is hot, hot, hot—and it’s not just the temperature. The multifamily market in this Miami suburb is burning up—and attracting foreign investors
A 30-unit apartment building in Hialeah just sold for $2.95 million in an all-cash deal. That equals $136 per square foot and about 98,000 per door.
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.
“Hialeah is one of the hottest areas in the Miami metro area for apartment rentals,” says Mekras, regional managing partner for Franklin’s Miami office. “Occupancies are higher in this submarket than any other in Southeast Florida. Investors are recognizing that market security and are willing to pay top dollar for the dependability.”
Most of the multifamily investors in Hialeah are local or regional players, but Mekras says he is starting to see more foreign dollars flowing into the area. The Haitian buyer plans to improve the parking lot, add new railings and a fresh coat of paint to enhance the multifamily property.
“Traditionally, foreign investors have concentrated on Miami and the beaches, but they are now seeing opportunities all over South Florida,” says Mekras. “They are buying wherever they see strong fundamentals and the potential for long-term value. Hialeah is one of those areas.”
The multifamily asset is located at 1255 West Okeechobee Road. Mekras and his team closed the deal within 90 days of listing, which he says is another sign of a heated multifamily market in South Florida. Download PDF