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Miami Beach firm pays $13.5M for Hialeah apartment complex
The property traded hands for $150k per unit
UPDATED Feb. 28, 11:35 a.m.: A Miami-Beach based company paid $13.5 million for a 90-unit apartment complex in Hialeah, property records show. The acquisition comes at a time when city has seen an increase in investment there.
The 114,575-square-foot rental community at 6195 West 19 Avenue traded hands for $150,000 per unit.
The buyer, Fields and Green Family’s LLC, is led by Jonathan Fields and Leah Green. Records show they financed the deal with a $10.6 million loan from Florida Community Bank.
The seller is a Hialeah-based company led by Carlos, Christopher and Michael Sanchez. The family paid $3.85 million for the complex in 1999, records show.
Marcus & Millichap’s Arthur Porosoff brokered the deal. The complex, built in 1972, sits on a 2.3-acre lot and is comprised of a pair of three-story buildings.
Nearby, Prestige Companies recently broke ground on a 174-unit rental complex called Las Vistas at Amelia. An affiliate of the company paid $5 million for the 4.8-acre property in 2016.
The city has seen an uptick in investment over the past year, and the mayor is trying to redevelop the east side into an arts district. At the same time prominent industrial investors like Codina Partners are planning projects in the city.