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Sunday, October 2, 2022

Prestige Sells Hialeah Multifamily Portfolio For $17M

Prestige Companies CEO Marty Caparros and 565 West 51st Place and 725 West 29th Street in Hialeah (Prestige Companies, Google Maps)

Marty Caparros’ Prestige Companies sold a multifamily portfolio in Hialeah for 30 percent more than it paid for the properties a year ago.

Affiliates of Miami-based Puchero Corp., managed by Alberto Arceo, bought the four small apartment complexes at 565 West 51st Place and 643, 651 and 725 West 29th Street for $17.2 million, according to records.

The 1960s-era buildings combine for 86 apartments, meaning Puchero paid $200,000 per unit, a purchase it financed with a $16 million mortgage from Miami-based Ocean Bank.

Four separate Prestige-affiliated entities bought the properties a year ago for a combined $13 million, $4 million less than they sold for this week.

Hialeah is among Miami-Dade’s most affordable rental markets, with the average apartment spanning 800 square feet and asking $1,800 a month, according to Rentcafe.com. Similar-sized units in neighboring cities like Miami, Doral, Miami Lakes, North Miami and North Miami Beach have asking rents averaging between $1,900 to $2,600 a month, according to the site.

Despite cashing out of the small portfolio, Prestige appears bullish in Hialeah. An affiliate of the Miami Lakes-based firm recently paid $13.7 million for a 13.1-acre vacant lot on the 200-acre site of Hialeah Park Racing & Casino, where it’s teaming up with Hialeah Park’s owners, the Brunetti family, to build a charter school and 343 apartments.

In a joint venture, Prestige and Florida Value Partners are redeveloping a large former Salvation Army site in Hialeah into a 100-townhome development with a three-story apartment building and retail space. The joint venture acquired the nearly 5-acre site at 7450 West Fourth Avenue for $8.3 million in May.

Other Prestige projects in Hialeah include three workforce housing communities that will combine for 186 apartments in different areas of the city. Last year, the firm nabbed a $21 million construction loan to build the garden-style complexes.

It’s not the only multifamily developer active in Hialeah. In May, Juan Carlos Gonzalez scored a $67.1 million loan for the first phase of his Emerald Bay Apartments project, a seven-building complex with 314 units at 4030 West 88th Street.

That same month, Dacar Management nabbed $81 million in construction financing for the Residences and Shoppes of Highland, a mixed-use project with a 190,000-square-foot retail center and four garden-style apartment buildings on a 70-acre site at 3685 West 85th Path.


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