MIAMI—Regency Manor Apartments, a 148-unit multifamily community, has traded hands. The $17.5 million sale price equates to $118,000 per unit, or $155 per foot.
That's a high price tag for a property that's pushing 50 years old. Regency Major Apartments was built in 1969, but its location, size and the barriers to entry for new development are so high that it sold at a premium.
CREC senior vice president Peter Mekras exclusively represented the seller in the transaction. CREC's marketing efforts drew 30 offers from local, international and out of state investors during a competitive and structured bidding process.
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