Medical clinic entrepreneur Jorge Acevedo acquired the Regency Club Apartments in Hialeah for $21.2 million, according to a March 11 report. The purchase marks Acevedo’s entry into South Florida’s multifamily real estate market.
The acquisition comes as Hialeah continues to attract developers and investors interested in stable workforce housing projects. The city is known for its competitive multifamily submarket within Miami-Dade County.
Records show that an entity managed by Acevedo, who is the founder of Miami-based La Colonia Medical Centers, bought the 74-unit garden-style community at 1350 West 46th Street. 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 paid about $286,500 per unit for the building, which was completed in 1972 on a 1.8-acre site. His medical enterprise has long served seniors in Hialeah, and his flagship clinic opened there in 2012.
Hialeah has seen significant activity from other developers as well. Last year, MG Developer secured a $105 million construction loan to build Metro Parc South, a planned 10-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.
The continued investment highlights confidence in Hialeah’s rental housing market despite recent cooling in rent growth.
