Miami investor buys Hialeah apartments for $13M

Deal breaks down to nearly $200K per unit

TRD MIAMI /
Sep.September 29, 2020 08:45 AM
6365 W 24th Ave, Hialeah (Credit: Google Maps)

6365 W 24th Ave, Hialeah (Credit: Google Maps)

A Miami investor paid $13 million for a multifamily property in Hialeah.

Antonio Hernandez, an electrical contractor who owns nearly a dozen properties in the Miami area, purchased the 66-unit Hilton Estates buildings at 6365 West 24th Avenue. The seller is Hilton Estates of Hialeah IV, led by Tomas Betancourt Jr.

The deal breaks down to $197,000 per unit. Marcus & Millichap’s Eduardo Toledo and Jonathan De La Rosa represented the buyer, while Alejandro Gonzalez, Evan Kristol and Felipe Echarte, also of Marcus & Millichap, represented the seller.

The rental buildings, built in 1989, sit on a 2.4-acre lot. The site last sold in 1988 for $1.7 million. Hernandez plans to keep the apartments, all three-bedroom, two-bathroom units, as is.

Development and investment sales are ramping up in Hialeah.

In July, developer Masoud Shojaee closed on a $67 million loan for Shoma Village, a mixed-use apartment project with a food hall component in Hialeah. The Estate Companies recently paid $15.3 million for a former Ramada Inn at 1950 West 49th Street, with plans to redevelop the site.

A partnership of developers is also building Pura Vida Hialeah, a 9-acre development with 260 apartment units and 51,000 square feet of retail space at 2901 to 3099 West 16th Avenue and 1571 West 29th Street.






Related Articles

arrow_forward_ios
Seritage CEO Benjamin Schall, CTO CEO John Albright, and 1460 West 49th Street, Hialeah (Credit: Google Maps)

Seritage sells Hialeah shopping center for $21M

Seritage sells Hialeah shopping center for $21M
From left: A rendering of Deco Green and developer Ricardo Hernandez, and a rendering of Element with developer Norman Weinstein (Credit: Dominick Ranieri Architect and Rosemurgy Properties)

Lake Worth Beach CRA approves two apartment complexes

Lake Worth Beach CRA approves two apartment complexes
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
An aerial view of the property (Credit: Google Maps)

Mixed-use multifamily project proposed for central Palm Beach County

Mixed-use multifamily project proposed for central Palm Beach County
Renderings of a proposed project (Courtesy of Apex Capital Realty)

CBD investor sells Hialeah Gardens dev site for $5M

CBD investor sells Hialeah Gardens dev site for $5M
Michael Wohl and a rendering of the project

Coral Rock lands construction loan on Hialeah project

Coral Rock lands construction loan on Hialeah project
A rendering of 14752 Northeast Sixth Avenue

Global One plans housing project near North Miami

Global One plans housing project near North Miami
Hollywood East and Vivian Dimond

Former H3 Hollywood rental tower lands $58M refi ahead of completion

Former H3 Hollywood rental tower lands $58M refi ahead of completion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...