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.”