RAM buys Lago Mar apartments in Hialeah for $18M

Buyer recently bought Boca Raton complex for $20M

Miami /
Sep.September 01, 2021 04:30 PM
Lago Mar apartments in Hialeah

Lago Mar apartments in Hialeah

Rental Asset Management bought the Lago Mar multifamily complex in Hialeah for $17.5 million.

The Fort Lauderdale-based firm, which also manages apartment properties, bought the 112-unit complex at 1035-1055 West 71st Street. The seller is Lago Mar Apartments, led by Steven Levy and Amir Hayun, records show.

Ram borrowed $10.7 million in purchase financing from Freddie Mac. Mitch Sinberg and Matthew Robbins of Berkadia negotiated the 10-year, fixed-rate loan on behalf of the buyer, according to a Berkadia news release.

The purchase price breaks down to $156,250 per unit.

The multifamily property, built in 1968 according to apartments.com, offers one- and two-bedroom units. Amenities include laundry facilities, according to the release.

Seller Lago Mar Apartments bought the two-story complex, which sits across 2.5 acres, in 2001 for $3.8 million, property records show. Hayun, listed as director of the seller, is principal of Golani Investments, a Hialeah-based commercial real estate buyer, manager and developer, according to its website.

This is at least the second South Florida apartment complex Oakland Park-based RAM bought since August. The firm, managed by German Guzman and Axel Jordan, purchased an 84-unit Boca Raton complex for $20 million last month.

RAM has $500 million of assets under management, consisting of more than 35 properties with over 3,000 units across Florida, according to its website.

Hialeah, a city in northwest Miami-Dade County, may also be getting a 343-unit rental complex with townhouses and apartment buildings next to the Hialeah Park racetrack and casino. The complex is part of a larger development proposal, which includes a charter school, developed by the Brunetti family that owns Hialeah Park; Prestige Companies and Mater Academy.

It is no surprise that multifamily development and investment sales are picking up, as the market is thriving amid unprecedented demand. Rents in some South Florida areas have increased by as much as 24 percent year-over-year.

Berkadia reported that in the Hialeah-Miami Lakes submarket monthly rent increased 4.6 percent, year over year, to $1,598.





    Related Articles

    arrow_forward_ios
    A photo illustration of Treo Group’s Otto Boudet-Murias along with 1100 East 41st Street (top), 4005 East 10th Court (middle), and 3925 East 10th Court (bottom) in Hialeah (Getty, Google Maps, LinkedIn/Otto Boudet-Murias)
    Treo sells Hialeah warehouses, doubles its investment
    Treo sells Hialeah warehouses, doubles its investment
    The site at 1431 North Bayshore Drive with Genting CEO Lim Kok Thay (Genting)
    Genting wants over $1B for waterfront Miami site
    Genting wants over $1B for waterfront Miami site
    Renderings of the project and Alta Developers’ Raimundo Onetto (Behar Font & Partners, Alta Developers)
    Alta kicks off plans for second rental building near Dadeland Mall
    Alta kicks off plans for second rental building near Dadeland Mall
    The Estates at Acqualina in Sunny Isles Beach 
    Estates at Acqualina tops Miami-Dade’s weekly condo sales
    Estates at Acqualina tops Miami-Dade’s weekly condo sales
    Edna Buchanan with 400 W San Marino Drive
    Crime writer Edna Buchanan sells Venetian Islands home for $12M
    Crime writer Edna Buchanan sells Venetian Islands home for $12M
    Jon Paul Pérez with an aerial of Fisher Island (Google Maps)
    Related ups ask for planned Fisher Island penthouse to $90M
    Related ups ask for planned Fisher Island penthouse to $90M
    The Cañero Group’s Jose Cañero and 24735 South Dixie Highway (Google Maps, Getty, Linkedin)
    Canero proposes rental complex in south Miami-Dade
    Canero proposes rental complex in south Miami-Dade
    SL Green’s Andrew Mathias, Boich Investment Group’s Wayne Boich and Related Companies’ Bruce Beal Jr. with rendering of 1920 Alton Road (SL Green, Boich Enterprises, Related Companies)
    Boich, Beal and Mathias score approval for Sunset Harbour project
    Boich, Beal and Mathias score approval for Sunset Harbour project
    arrow_forward_ios

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

    Loading...