A medical clinic entrepreneur is jumping into South Florida\u2019s multifamily arena after acquiring a Hialeah apartment building for $21.2 million.<\/p>\n
An entity managed by Jorge Acevedo, founder of Miami-based La Colonia Medical Centers, acquired Regency Club Apartments at 1350 West 46th Street, records and real estate database Vizzda show. The buyer financed the purchase with a $10.6 million loan from City National Bank of Florida.\u00a0<\/p>\n
Acevedo\u2019s entity paid $286,500 per unit for the 74-unit building completed in 1972. The seller, Royal Income Properties, managed by Nilo Meilan in Miami Lakes, paid $4.1 million for the 1.8-acre rental property in 2002, records show.\u00a0<\/p>\n
Acevedo bought the garden-style community as Hialeah<\/a> attracts developers and investors chasing stable, workforce housing projects. He\u2019s making his latest bet on the blue collar city where his medical enterprise has long catered to seniors.<\/p>\n Acevedo, a Cuban-born physician who moved to Miami in his late 20s, founded La Colonia Medical Centers as a seniors-focused healthcare provider and has grown it into a network with more than 20 specialties under one roof. La Colonia\u2019s West Hialeah flagship clinic opened in 2012.<\/p>\n Hialeah is one of Miami-Dade County\u2019s most active and competitive multifamily submarkets. Builders such as MG Developer<\/a> and other regional players have amassed sites in the city for large-scale projects as part of the wider South Florida pipeline<\/a> of nearly 24,000 apartments slated to deliver in a single year, even as rent growth has cooled from its pandemic highs.<\/p>\n In April of last year, Coral Gables-based MG snagged a $105 million<\/a> construction loan to build Metro Parc South, a 10-story project with 347 apartments at 954 and 934 East 25th Street. The planned development is adjacent to Metro Parc, a complex of two mid-rises with 559 apartments, developed by MG and New York-based Baron Property Group.<\/p>\n