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 Hilton Estates, a 66-unit apartment property located in Hialeah, FL, according to Ryan Nee, Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $13,000,000.
Alejandro J. Gonzalez, 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 private investor. The buyer, a private investor, was secured and represented by Eduardo Toledo and Jonathan De La Rosa, investment specialists in Marcus & Millichap’s Miami office.
Robert Bhat, First Vice President of Marcus & Millichap Capital Corp’s Miami office, arranged at 75 percent loan to value loan totaling $9.75 million. The nonrecourse structure included a 3.26% interest rate fixed for 12 years, and 4 years of interest only, followed by a 30-year amortization.
“The amount of interest we received for Hilton Estates is a true indicator of the strength of the South Florida Apartment Market and how the unique Marcus & Millichap platform assists our clients in accomplishing their investment goals,” says Felipe Echarte
Hilton Estates is located at 6365 W 24th Ave in Hialeah, FL. 66 three-bedroom 2 bath units are extremely difficult to come by. The Hialeah submarket has one the lowest vacancy rates in Miami Dade and our client was able to obtain aggressive loan terms which made the deal very attractive says Jonathan De La Rosa
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
