Clinic mogul Jorge Acevedo picks up Hialeah apartments for $21M

A medical clinic entrepreneur is jumping into South Florida’s multifamily arena after acquiring a Hialeah apartment building for $21.2 million. An entity managed by Jorge Acevedo, founder of Miami-based La Colonia Medical Centers, acquired Regency Club Apartments at 1350 West 46th Street, records and real estate database Vizzda show. The buyer financed the purchase with a $10.6 million loan from City National Bank of Florida.  Acevedo’s entity paid $286,500 per unit for the 74-unit building completed in 1972. The seller, Royal Income Properties, managed by Nilo Meilan in Miami Lakes, paid $4.1 million for the 1.8-acre rental property in 2002, […]

This article originally appeared on The Real Deal. Click here to read the full story.