The Real Deal Miami

Cordero Apartments unloaded in improving Hialeah apartment market

August 16, 2012 12:00PM

The 13-unit Cordero Apartments rental community in Hialeah has been sold, according to Marcus & Millichap. The property was bought by a Coral Gables-based limited liability company. The seller, a private investor from Miami Lakes, was represented by Tal Frydman, Daniel Cunningham and Derek Gibbs. The three are all investment specialists in Marcus & Millichap’s Fort Lauderdale office. They also represented the buyer in the transaction. Hialeah has seen a significant drop in rental aparment inventory in recent years, according to Frydman, due to a number of condominium conversions. That drop in supply has “improved the fundamentals of this already-strong rental market,” he said. The property, which is located at 405 West 11th Street, sold for $1.28 million. — Alexander Britell