Marcus & Millichap Brokers $12M Sale Of Miami-Dade Apartment Property

Marcus & Millichap announced the $12 million sale of  Montego Bay Apartments, a 45-unit multifamily property in Hialeah.

“Originally constructed as a rental community, Montego Bay was converted to condominiums during South Florida’s early-2000s conversion cycle,” said Evan P. Kristol, executive managing director investments. “Over time, the individual units were acquired and the property was reassembled as a rental asset. Today, it offers a mix of one-, two- and three-bedroom residences with covered parking in an established Hialeah submarket.”

Kristol along with Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private partnership and procured the buyer, an investment group.

The four-story property was built in 1972 and sits on a 0.73-acre site. A roof replacement was completed in 2025. Located in northern Hialeah, just south of Miami Lakes, the property offers access to the Palmetto Expressway and Interstate 75 and is near neighborhood retail, public schools, parks and Miami International Airport.