New apartment complex in Hialeah sold for $28M
The property is located near a public transit station, making it easy for residents to commute to and from the city.
Station 21 Lofts in Hialeah, recently completed, sold for $27.5 Million.
East 21st St LLC led by Alexander Ruiz from Miami Lakes based Prestige Cos. sold 102 apartments at 102 East 21st St. and 2,710 sq. ft. of commercial space to Ram Station 21 LLC. This is an affiliate of Oakland Park based Rental Asset Management. The buyer assumed a $13 million loan with Boca Raton's Amzak Capital Partners that was initially awarded as a building loan in early 2020.
The building is located just south of Hialeah Metrorail Station. This means that the building offers easy access to public transportation to places of employment like Downtown Miami, the Health District and Miami International Airport.
Investors are eager to purchase apartment complexes in Miami-Dade County, where rents have reached record levels in recent years. A spike in interest rates made it difficult to close deals. This deal was made possible by a loan assumed rather than a new one.