MIAMI—Regency Manor Apartments, a 148-unit multifamily community, has traded hands. The $17.5 million sale price equates to $118,000 per unit, or $155 per foot.

That's a high price tag for a property that's pushing 50 years old. Regency Major Apartments was built in 1969, but its location, size and the barriers to entry for new development are so high that it sold at a premium.

CREC senior vice president Peter Mekras exclusively represented the seller in the transaction. CREC's marketing efforts drew 30 offers from local, international and out of state investors during a competitive and structured bidding process.

“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,” Mekras tells GlobeSt.com. “CREC's multifamily transaction analyst Chris Bate assisted Mekras on the sale. The buyer was a private investor and was not represented by a broker.

Regency Manor Apartments sits on over four acres near the intersection of LeJeune Road and the Dolphin Expressway (SR 836) in central Miami-Dade County. Mekras says the sale 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.”