MIAMI—Foreign investors just gobbled up 102 multifamily units in three different apartment communities in Miami, Hialeah, and Hollywood Beach, FL. The sale price was $8.25 million. Franklin Street's Deme Mekras, Elliot Shainberg, and David Reinke handled the deals.

In Hialeah, the firm represented the seller of the Jaclyn Apartments, a two-building, 72-unit multifamily complex. Located at 1315 and 1345 West 29th Street, the purchase price was $6.05 million or $84,027 per unit. The seller is Jaclyn LRP. The buyer was a Panamanian investor whose identity was not disclosed.

“There is a lot of investor demand for apartment buildings of 50-plus units in Hialeah, and Jaclyn was one of those rare opportunities,” says Mekras, regional managing partner of Franklin's Miami office. “We generated eight written offers within three weeks of going to market, and as a result of the competition, the seller was able to achieve a premium price with tight terms and an expeditious closing.”