A medical clinic entrepreneur is jumping into South Florida’s multifamily arena after acquiring a Hialeah apartment building for $21.2 million.
An entity managed by Jorge Acevedo, founder of Miami-based La Colonia Medical Centers, acquired Regency Club Apartments at 1350 West 46th Street, records and real estate database Vizzda show. The buyer financed the purchase with a $10.6 million loan from City National Bank of Florida.
Acevedo’s entity paid $286,500 per unit for the 74-unit building completed in 1972. The seller, Royal Income Properties, managed by Nilo Meilan in Miami Lakes, paid $4.1 million for the 1.8-acre rental property in 2002, records show.
Acevedo bought the garden-style community as Hialeah attracts developers and investors chasing stable, workforce housing projects. He’s making his latest bet on the blue collar city where his medical enterprise has long catered to seniors.
Acevedo, a Cuban-born physician who moved to Miami in his late 20s, founded La Colonia Medical Centers as a seniors-focused healthcare provider and has grown it into a network with more than 20 specialties under one roof. La Colonia’s West Hialeah flagship clinic opened in 2012.
Hialeah is one of Miami-Dade County’s most active and competitive multifamily submarkets. Builders such as MG Developer and other regional players have amassed sites in the city for large-scale projects as part of the wider South Florida pipeline of nearly 24,000 apartments slated to deliver in a single year, even as rent growth has cooled from its pandemic highs.
In April of last year, Coral Gables-based MG snagged a $105 million construction loan to build Metro Parc South, a 10-story project with 347 apartments at 954 and 934 East 25th Street. The planned development is adjacent to Metro Parc, a complex of two mid-rises with 559 apartments, developed by MG and New York-based Baron Property Group.
Also last year, Montreal-based CSL Partners and Dallas-based Presidium paid $95 million for Pura Vida Hialeah, a collection of three eight-story buildings with 260 rentals at 3051 West 16th Avenue.