HIALEAH, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Cordero Apartments, a 13-unit apartment property located in Hialeah, FL, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office. The asset commanded a sales price of $1,275,000.
Cordero Apartments is located at 405 West 11th Street in Hialeah, FL. The property consists of one two-story building with 13 two-bedroom, one-bathroom units each approximately 800 rentable square feet.
Tal I. Frydman (middle right photo), Daniel J. Cunningham (lower left photo) and Derek R. Gibbs, multi-family investment specialists in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami Lakes, FL. The buyer, a limited liability company from Coral Gables, FL was secured and represented by the agents as well.
“Over the past decade Hialeah has seen a great share of its inventory of rental apartments reduced due to condo conversions and no new rental properties have been built,” says Frydman.
“The reduction in supply has improved the fundamentals of this already strong rental market. In properties where landlords have actively pushed rents, they have been met with little to no resistance. The strength of the market is further evidenced by the fact that vacancies are virtually non-existent and concessions are unheard of,”
“We generated 15 tours and 10 offers on this property. The buyer was awarded this deal not only because of their competitive offer but also because of a short due diligence period leading to a quick closing,” he adds.
Press Contact:
Ashley Steele
Fort Lauderdale Office
(954) 245-3400
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