Condo converter makes Florida purchase

Site located in 'high-demand' market

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Marcus & Millichap facilitated the sale of Renphil Apartments in Hialeah, Fla. The 96-unit, five-story property sold for approximately $10.8 million. Renphil Apartments is a gated community located on 1.8 acres at 6950 W. 6th Ave. The property was constructed in 1972 and total 98,800 rentable square feet. The community is comprised of 20 one-bedroom/one-bath units, 56 two-bedroom/two-bath units and 20 three-bedroom/two-bath floor plans that range from 800 square feet to 1,200 square feet. Renphil features a large lobby area, a private pool and ample parking with nearly half of the parking being covered. Delgado Properties sold the asset to a Miami-based condo converter. "Renphil Apartments features an excellent mix of one-, two- and three-bedroom apartments," states Evan Kristol of Marcus & Millichap. "The property presents an excellent condo conversion opportunity in a housing market where such for-sale units are in high demand." Encino, Calif.-based Marcus & Millic...