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565 West 51st Place, Hialea...

Updated Oct 28, 2024

Arch Acquires Palm Springs Apts In Hialeah Multifamily Sale
SOLDMultiFamily

Arch Acquires Palm Springs Apts In Hialeah Multifamily Sale

565 West 51st Place, Hialeah, FL, USA

$13,000,000

$258/SF

Building Size

50,232 SF

Asset Type

MultiFamily

Closing

Aug 24, 2021

About this deal

AI

Architectural firms Calum Weaver and Perry Synanidis of Cushman & Wakefield were involved in a recent sale transaction in Hialeah. The property, located at 565 W 51st Pl, 643-651 & 725 W 29th St, is a multifamily asset consisting of 86 units with a total square footage of 50,232. The sale was completed on 08/24/2021, with a sale price of $13,000,000.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $13,000,000
  • Address: 565 W 51st Pl, 643-651 & 725 W 29th St
  • Market: Hialeah
  • Units: 86
  • Price Per Unit: $151,163
  • Total Square Footage: 50,232
  • Price Per Square Foot: $259

Arch from the architectural firm represented the buyer in this transaction, while Palm Springs Apts, represented by Steven Levy, acted as the seller. Calum Weaver and Perry Synanidis, also of Cushman & Wakefield, served as the brokers for this sale. The asking price and the final sale price were both $13,000,000.

On the Map

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$13,000,000

$258/SF

MultiFamily

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Players

Calum Weaver

CBRE

Broker

$623.7M

vol

31 deals

Broker

Alex Ruiz

Arch

Buyer

$43.3M

vol

5 deals

Buyer

Steven Levy

Seller

$76.9M

vol

4 deals

Seller
Bilt advertisement

Hialeah MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $258 per square foot on a published $13M for 50,232 square feet (2021).

Visit Perry Synanidis to view all their deals.

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.22%

Cash-on-Cash

-0.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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