Casa Bella Apartments, located at 4500 W. 16th Ave., consists of 184,760 rentable sf on 2.6 acres. The property has 120 two-bedroom units, 40 three-bedroom apartments and 20 one-bedroom units. About 90% of the apartments are oversized two- and three-bedroom units, ranging from 960 sf to 1,240 sf. The complex was built in 1981.

"This asset presents the ideal property for conversion to condominiums," Evan Kristol, a broker involved in the deal, says in a statement. "Within the past 18 months in Hialeah, well in excess of 1,000 units have been converted to condominiums. Since the beginning of the condo conversion craze locally, prices have dramatically increased as the level of pent-up demand for condominiums in the market has become apparent. In the most recent conversions, condos have been selling in excess of $120 per livable sf."

Kristol and Still Hunter III, investment specialists in Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co.'s Fort Lauderdale, FL, office and members of the firm's National Multi Housing Group, represented both the buyer and the seller in the transaction.