Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Hialeah Park Apartments, a 6-unit apartment property located in Hialeah, Florida. The asset sold for $958,500 or $527.23 per square foot.
“The property sold for a record-breaking price per square foot which continues to demonstrate the demand for multifamily properties in Miami-Dade County, specifically Hialeah,” said Nicholas McAndrew, associate. “The Buyer was a local professional and this was their first time purchasing an apartment building and paid all cash.”
McAndrew, Evan P. Kristol, and Felipe J. Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership. A Miami-based limited liability company purchased the property.
Hialeah Park Apartments is located at 390 E. 16th St. just six blocks south of Hialeah Park Casino. Built in 1953 and renovated in 2022, the one-story apartment building is on a 0.16-acre site and comprised of five studio apartments and one two-bedroom and two-bathroom apartment. The building has had numerous capital improvements including a resurfaced parking lot, impact windows, updated mini split and central air conditioning, a roof repair, and new LED exterior lighting.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2022, the Company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
