RAM buys Lago Mar apartments in Hialeah for $18M
Buyer recently bought Boca Raton complex for $20M
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.