Monthly Archives : September 2015

Meet the new Miami CEO roundtable

What do South Florida’s business leaders think of the most pressing civic and economic issues of the day? To answer that question, we established the Miami Herald CEO Roundtable, a panel of local chief executives…

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Regency Manor apartments near MIA sell for $17.5M

A low-rise apartment complex just south of Miami International Airport has traded hands for $17.5 million or $118,000 per unit, Miami-Dade County records show.

A company tied to RAIT Financial Trust, a real estate investment trust based in Philadelphia, sold the 148-unit multifamily property in unincoporated Miami-Dade. CFO and treasurer James L. Sebra signed the deed transfer of ownership. Regency Manor Residences LLC is the buyer.

The 4.2-acre site, at 1102 Northwest 43rd Avenue, is near the Dolphin Expressway. It was built in 1969, according to county property records. The complex has seven buildings and a community pool. It includes 26 one-bedroom, one-bathroom apartments and 122 two-bedroom, one-bathroom apartments.

CREC Senior Vice President Peter Mekras represented the seller and worked with CREC’s Multifamily Transaction Analyst Chris Bate on the sale.

“The sale of Regency Manor speaks to the market’s vast demand for stable cash flow generated from apartments. Miami’s vibrant economy will allow for continued rent growth as development sites remain scarce,” Mekras said in a press release. “Apartment communities of scale in South Florida are primarily being acquired by institutions who recognize the discount to replacement cost and sustainable cash flow yield benefits for owning multifamily in a growing and high barrier to entry market like Miami.”

The buyer also obtained a $10.5 million mortgage from Banco Popular North America, records show. John Sismanoglou and Anthony Roussos are listed on the buyer’s corporate records.

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CREC Completes $17.5 Million Sale Of Multifamily Apartment Complex In Miami‐Dade County

Miami‐based CREC has finalized the $17.5 million sale of Regency Manor Apartments, a 148‐unit and 4.18 acre rental apartment complex near the intersection of LeJeune Road and the Dolphin Expressway (SR 836) in central Miami‐Dade County.

Regency Manor was built in 1969 and the sale price equates to $118,000 per unit, or $155 per foot.

CREC Senior Vice President Peter Mekras exclusively represented the seller in the transaction.

CREC ran a broad marketing process and received more than 30 offers from local, international and out of State investors during a competitive and structured bidding process. Mekras was assisted on the sale by CREC’s multifamily Transaction Analyst Chris Bate. The buyer was a private investor and was not represented by a broker.

“The sale of Regency Manor speaks to the market’s vast demand for stable cash flow generated from apartments. Miami’s vibrant economy will allow for continued rent growth as development sites remain scarce,” explains CREC’s Peter Mekras. “Apartment communities of scale in South Florida are primarily being acquired by institutions who recognize the discount to replacement cost and sustainable cash flow yield benefits for owning multifamily in a growing and high barrier to entry market like Miami.”

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Downtown Dadeland’s demand seen increasing with residence openings

Despite coming onto the market in the mid-2000s, shortly before the global recession, Downtown Dadeland has enjoyed remarkable popularity. Anchored by a Metrorail line and adjacent to US 1, Kendall Drive and the Palmetto Expressway, the mixed-use complex offers residential, shopping, restaurants, hotels…

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CREC Arranges $23.1 Million Sale of El Mercado Shopping Center

CREC has arranged the $23.1 million sale of El Mercado Shopping Center, a 96,000 – square – foot shopping center located in Hialeah, Florida. Warren Wiser, Harry Blyden and Andrew Remick of CREC represented the seller, El Mercado Associates Ltd., in the transaction with the buyer, Stockbridge El Mercado LLC. The shopping center was 99 percent occupied at the time of the sale by tenants including anchor Publix, Rent-A-Center, Payless Shoes, GMC, Little Caesars, SunTrust Bank, Pollo Tropical, La Colonia Medical Center and Mary’s Dollar Store.

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