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| The Chalet Apartments, 195 West 25th Street, Hialeah, FL |
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| Hernando Perez |
HIALEAH, FL, September 13, 2013 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of The Chalet Apartments, a
20-unit apartment property located in Hialeah, FL. The asset sold for
$2,000,000.
Hernando Perez, an Associate, Tal I. Frydman,
a Vice President Investments, Daniel J. Cunningham and Derek R.
Gibbs, Senior Associates, all in Marcus & Millichap’s Ft. Lauderdale
office, had the exclusive listing to market the property on behalf of the
seller, a private investor from Cooper City, FL.
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| Tal I. Frydman |
The buyer, a private investor from Hialeah, FL, was secured
and represented by Jorge Ruiz, an Associate, and Arthur D. Porosoff,
a Vice President Investments, both in Marcus & Millichap’s Miami
office.
“Over the past decade Hialeah has seen its inventory of
rental apartments reduced due to condo conversions,” says Perez.
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| Daniel J. Cunningham |
“The reduction in supply has improved the fundamentals of
this already strong rental market. In properties where the landlords have
actively raised rents, they have met with little to no resistance.
“ The strength of the market is further evidenced by the
fact that vacancy is virtually non-existent and concessions are unheard of
making Hialeah one of the best rental markets in Miami-Dade County,” says
Perez.
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| Derek J. Gibbs |
He adds, “The buyer saw the future potential of the property
and its upside value due to its location two blocks west of the Hialeah Race
Track, which is undergoing a $100 million dollar renovation.
“The development will revitalize the area by bringing new
employers, shops and restaurants. The
investor paid $100,000 per unit or $155 per square foot at a 5.6% CAP rate of
return. This transaction has set a milestone in the Hialeah real estate market.”
The Chalet Apartments consists of one two-story building
with eight two-bedrooms/one -bathroom units and 12 one-bedroom/one-bathroom
units. The Chalet Apartments is located at 195 West 25th Street in Hialeah, FL.
For a complete copy of the company’s news release, please
contact:
Gregory Matus
Regional Manager
Vice President
Fort Lauderdale, FL
(954) 245-3400
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