Jorge Acevedo, founder of La Colonia Medical Centers, acquired the Regency Club Apartments in Hialeah for $21.2 million, according to records and real estate database Vizzda on Mar. 11.
The purchase marks Acevedo’s entry into South Florida’s multifamily housing market. The acquisition comes as Hialeah continues to attract developers and investors interested in stable workforce housing projects.
Acevedo’s entity paid $286,500 per unit for the 74-unit building at 1350 West 46th Street, which was completed in 1972. The deal was financed with a $10.6 million loan from City National Bank of Florida. The seller, Royal Income Properties managed by Nilo Meilan, had purchased the property for $4.1 million in 2002.
Acevedo is a Cuban-born physician who moved to Miami in his late twenties and founded La Colonia Medical Centers as a healthcare provider focused on seniors. His network now offers more than 20 specialties under one roof, with its flagship clinic opening in West Hialeah in 2012.
Hialeah has become one of Miami-Dade County’s most active multifamily submarkets. Developers such as MG Developer have secured sites for large-scale projects amid a regional pipeline of nearly 24,000 apartments expected to be delivered within a year. In April last year, MG Developer obtained a $105 million construction loan for Metro Parc South, a planned ten-story project with 347 apartments adjacent to an existing complex developed by MG and Baron Property Group. Additionally, CSL Partners and Presidium purchased Pura Vida Hialeah—a group of three eight-story buildings with 260 rentals—for $95 million last year.
The acquisition by Acevedo reflects ongoing interest from investors seeking opportunities in workforce housing as rent growth moderates from pandemic highs.
