The Estate Cos. Sells West Miami Apartment for $83M
Westdale Real Estate Investment and Management purchased Soleste Alameda, a 306-unit apartment complex.
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.
Other major deals in the area include Sentinel Real Estate Corp.’s purchase of a 30-property apartment portfolio in April. Sentinel acquired the 452-unit portfolio from Boardwalk Properties for $97 million. The deal was the largest portfolio transaction in the region. Most of the properties are located in South Beach and are within walking distance to Lincoln Road, Ocean Drive, Collins and Washington Avenues, and the Miami Beach Convention Center.
Developers are also seeing opportunity in the market. A joint venture between Development partners, Terra and New Valley has secured a $64.8 million construction loan for the development of the new 23-acre multifamily community Natura Gardens, in Northwest Miami-Dade County. Located on NW 170th St., between Interstate 75 and Florida’s turnpike, the project will feature 460 garden-style apartments throughout 12 three-story residential buildings.
The Estate Cos. is among those active developers. On of the region’s most active developers, the firm has 13 projects in various stages of development totaling 4,305 rental units in the pipeline throughout Miami-Dade, Broward and Palm Beach counties. It’s current pipeline includes Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami.