Local Partners Land MIA-Adjacent Community
- Sep 18, 2015
A 148‐unit community near Miami International Airport is in the hands of local owners again. A Miami-based company managed by John Sismanoglou and Anthony Roussos has acquired Regency Manor Apartments from Regency Manor Florida Owner, an affiliate of RAIT Financial Trust of Philadelphia, according to the South Florida Business Journal. Miami‐based Continental Real Estate Companies finalized the $17.5 million sale. Yardi Matrix data shows that RAIT obtained the property from Coral Gables-based private owner Hector J. Hernandez in November 2010.
Located on 4.18 acres at 1102 N.W. 43rd Ave. in central Miami‐Dade County—near the intersection of LeJeune Road and Florida State Road SR 836, better known as the Dolphin Expressway—Regency Manor was built in 1969. It boasts common area amenities such as a business center, swimming pool, several laundry facilities and 225 parking spaces.
CREC Senior Vice President Peter Mekras represented the seller in the transaction, assisted by the firm’s multifamily Transaction Analyst Chris Bate. According to a news release, the listing received more than 30 offers from local, national and international investors during the bidding process. The buyer was not represented by a broker.
Photo credit: Yardi Matrix