Continental Real Estate Companies (CREC) has finalized its $17.5 million sale of Regency Apartments in the central Miami-Dade county.  The property is a 148‐unit, 4.18 acre rental apartment complex, and the sale price equals to $118,000 per unit, or $155 per foot.

Senior Vice President Peter Mekras represented the seller in the deal. The vie for Regency Apartments attracted more than 30 offers from local, international and out-of-state investors. The buyer was not represented by a broker and was a private investor.

Mekras said that the selling of Regency Apartments will stimulate the amount of renters in the area.

“The sale of Regency Manor speaks to the market’s vast demand for stable cash flow generated from apartments. Miami’s vibrant economy will allow for continued rent growth as development sites remain scarce,” he said. “Apartment communities of scale in South Florida are primarily being acquired by institutions who recognize the discount to replacement cost and sustainable cash flow yield benefits for owning multifamily in a growing and high barrier to entry market like Miami.”