Hot in Hialeah? Virginia REIT Scoops Up Apartment for $90M
AvalonBay Communities buys new garden-style apartment complex in Hialeah, underscoring talk that the city is seeing investor interest.
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A new garden-style multifamily community in Hialeah traded for $90 million, underscoring the notion that the once-overlooked Miami-Dade County community is poised for more real estate interest.
An affiliate of AvalonBay Communities Inc., an Arlington, Virginia-based real estate investment trust, bought Altis Bonterra from an affiliate of Boca Raton-based Altman Development Corp., according to public records. The deal closed Aug. 13, and the new deed was posted Wednesday.
The 314-unit renamed Avalon Bonterra comprises about 16 three-story buildings with a swimming pool, according to the Miami-Dade property records. It was completed last year.
The property appraiser’s office estimates the property has 399,805 square feet of livable space, which works out to a transaction value of $225 per square foot.
Avalon Bonterra sits on 14 acres southwest of Interstate 75 and Miami Lakes Drive at 3545 W. 98th St.
The original Altis Bonterra was part of the Altis-brand apartment communities built by developer and seller Altman.
A working-class city, Hialeah is known for the biggest Cuban American population in the U.S. and the Hialeah Park Racing & Casino.
Since late last year, the real estate community has been abuzz about Hialeah starting to draw in developers and investors.
Developer Avra Jain, known for identifying overlooked areas and breathing fresh life into history-rich buildings, and David Martin, president of prolific Miami-based development firm Terra Group LLC, partnered to open an entertainment venue in an abandoned Hialeah bed factory.
Jain founded The Vagabond Group, whose endeavors include revamping and reopening motels in Biscayne Boulevard’s MiMo Historic District.
The duo, which already obtained City Council approval, is targeting creative-type tenants such as a distillery for the 160,000-square-foot industrial property on 6 acres.
A luncheon held Tuesday by the CREW Miami association focused on Hialeah growth.
The city is open to working with developers and has easy access to major thoroughfares, Luis Gonzalez, former city council president, said at the CREW event. It needs more entertainment and redevelopment to keep and attract a young population.
Miami-based homebuilder Lennar Homes entered Hialeah in 2014 and since then built over 1,500 homes, said Carolina Herrera, vice president of land acquisition for the company’s Southeast Florida division. Demand is coming from first-time homebuyers who want to stay close to their parents.
Avalon Bonterra offers one-, two- and three-bedroom units ranging from an 812-square-foot unit renting for $1,590 a month and a 1,389-square-foot unit for $2,598, according to the property’s website.
Avalon, which didn’t return a request for comment by deadline, also owns The Alexander and Alexander Lofts apartments in West Palm Beach and 850 Boca apartments at Boca Raton’s mixed-use The Park at Broken Sound.