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Rental Asset Management pays $28M for Hialeah apartment complex
Oakland Park-based firm paid roughly $270K per unit
Rental Asset Management acquired a recently completed apartment complex in Hialeah for $27.5 million.
An affiliate of the Oakland Park-based multifamily investment firm acquired Station 21 Lofts at 102 East 21st Street in Hialeah, according to records and Vizzda. Rental Asset Management, or RAM, assumed the seller’s $13 million mortgage from Boca Raton-based Amzak Capital Partners.
An affiliate of Prestige Companies, a Miami Lakes real estate development and investment firm led by Marty Caparros, sold the four three-story buildings with 102 units and 2,710 square feet of commercial space. The deal breaks down to $269,600 per unit.
In 2020, the Prestige affiliate paid $3.5 million for the 2-acre site adjacent to the Hialeah Metrorail station, records show.
The project was completed this year, according to Vizzda.
RAM, led by German Guzman and Axel Jordan, owns 39 multifamily properties in Miami-Dade, Broward and Palm Beach counties, according to the firm’s website. In December, the company paid $31.1 million for a 14-story building with 96 apartments in Miami’s Little Havana neighborhood. Also last year, RAM acquired another Little Havana apartment building for $30.1 million. The building is 13 stories and has 100 units.
Prestige is one of the most active developers in Hialeah. In January, a joint venture between Florida Value Partners and Prestige landed a $20.5 million construction loan to develop a multifamily project on the site of a former Salvation Army store in Hialeah. The partnership is proposing 100 rental townhomes and a three-story building with 12 apartments atop 5,000 square feet of retail, said Prestige’s Alexander Ruiz.
Last year, Prestige paid $13.7 million for a 13.1-acre vacant lot in an unused portion of Hialeah Park race track. The developer plans to build a 343-unit apartment complex and a charter school.
Also last year, Prestige sold four apartment complexes in Hialeah for $17.2 million, about 30 percent above the company’s purchase price in 2021.