The Estate Cos. has sold one of its newest developments in the South Florida market. Soleste Alameda, a 306-unit apartment complex in West Miami, sold to Westdale Real Estate Investment and Management for $83 million.

The Estate Cos. completed construction on the project in the second quarter of 2020, and executed a strong lease-up campaign. At the time of the sale, the property was 90% leased. The sale and the stabilization of the asset are both indicative of both strong demand and strong market fundamentals, according to Jeffrey Ardizon, principal at the Estate Cos.

The recent investment activity is another sign. In the last few months, the market has been on fire. Westdale also purchased Soleste Twenty2 in West Miami for $97 million. The apartment complex is an eight-story, 338-unit property located at 2201 Ludlam Rd. in West Miami. Like the Soleste Alameda, the Estate Cos. executed a lease-up campaign that resulted in strong occupancy. At the time of the sale, the property was 95% leased.