HIALEAH, FL—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 multifamily buildings together have 5,300 square feet and are 100% occupied.
“This is a very strong price on a per square foot basis for this area,” says 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.