MIAMI-In separate, unrelated transactions, the 96-unit Renphil Apartments in Hialeah, and a 73-unit multifamily portfolio that is spread across six different locations in Coral Springs have been sold to condo converters. The former commands $115,000 a unit, and the latter trades for approximately $113,542 a unit.
Mederos Capital Conversion acquired the Renphil asset at 6950 W. Sixth Ave. in the heart of Hialeah for $10.9 million. Evan Kristol, VP of investments, and Still Hunter III, senior associate in the Fort Lauderdale office of Marcus & Millichap, represented the seller, identified as Renphil Investment Conversions LLC, and along with Andrew Jordan, senior associate in M&M's Miami office, also secured and represented the buyer.
The property was constructed in 1972. It contains 20 one-bedroom layouts, 56 two-bedroom units and 20 three-bedroom units. The large proportion of two- and three-bedroom units make it especially appropriate for conversion, according to the brokers.
Jordan, Kristol and Hunter also helped secure and represent Country Club Condos LLC, the buyer of the Coral Springs portfolio. Brandon Rex, senior investment associate in M&M's Fort Lauderdale office, marketed the portfolio on behalf of the sellers, Bernardo and Holly Katz and Angel and Nancy Mistro.
The selling price was just under $8.4 million. The portfolio encompasses one studio, 21 one-bedroom units, 46 two-bedroom units, four three-bedroom units and a single four-bedroom apartment.
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