Berkadia announces it has arranged $10.7 million in financing for the acquisition of Lago Mar, a 112-unit multifamily community in Hialeah, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of Rental Asset Management (RAM), a real estate investment firm based in Fort Lauderdale, Florida.
Freddie Mac originated the 10-year, fixed rate loan through its Green Advantage® program.
“The Miami metro area has enjoyed strong rent growth and occupancy in 2021 as more people move into the region from other locations, and renters compete for well-located, attainably priced apartments close to public transit, employment centers and amenities,” said Sinberg. “Urban neighborhoods in particular have enjoyed some of the strongest demand this past year – a reversal of last year’s trend toward suburban markets.”
According to Berkadia’s South Florida Institutional Mutlifamily Report, occupancy in the Hialeah/Miami Lakes submarket stood at 98.1 percent in Q2 2021, and effective rent rose 4.6 percent year over year to $1,598.
Built in 1968, Lago Mar Apartments is located at 1035-1055 West 71st Street. One- and two-bedroom apartments feature high-speed internet, on-site parking, air conditioning, a refrigerator, range and oven. Community amenities include laundry facilities.
The property is situated in the sixth largest city in Florida, in close proximity to the Miami Spring’s Golf & Country Club, Westland Mall, Hialeah Park Racetrack, The Hard Rock Stadium and Amelia Earhart Park. It is 2.5 miles away from Miami Dade College, 20 minutes away from the Miami International Airport and there are two transit stops within 6.3 miles including Opa-Locka and Tri-Rail.