Freshwater Group buys apartment complex in Hialeah for $10M

Deal breaks down to $137k per unit

Jul.July 02, 2018 09:45 AM

1105 and 1085 West 76 Street Jacob Serure, Deme Mekras and Elliot Shainberg

New York investment firm Freshwater Group just picked another apartment complex in Hialeah, this time paying $10.4 million for the property.

The 76-unit complex at 1105 and 1085 West 76 Street sold for about $137,000 per unit. It was built in 1968, and includes studio, one-bedroom and two-bedroom apartments.

The seller, Mikon Financial Services, Inc., is led by Juan Carlos Capote, Richard Capote and Pedro Mario Capote. Records show the company bought the 1.5-acre property in 2008 for $4.95 million.

MSP Group principals Deme Mekras and Elliot Shainberg represented the buyer. Jacob Serure and Daniel Gonzalez from SRE Commercial Group, which specializes in multifamily properties, represented the seller.

Last year, Freshwater Group bought an apartment complex about three miles south for $16.1 million. The San Sherri Apartments, at 1310 West 29th Street, traded hands for about $150,000 per unit.

The city has seen a surge of investment over the past year, following recent moves to encourage development on the eastern side. Prominent industrial investors like Codina Partners are planning projects in the city.

Freshwater Group has also been active in North Miami Beach. In March, it paid nearly $6 million for a multifamily complex near Aventura.

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