Avanti Residential has acquired Soleste Grand Central, a newly built 360-unit apartment community in downtown Miami. Avanti purchased the luxury community for $181 million from The Estate Companies, which developed the project in 2021 and achieved 95% occupancy in six months.
This acquisition is Avanti's fourth South Florida investment in the past year, following major purchases in Boynton Beach, Doral, and St. Petersburg. Avanti has now invested nearly $500 million in Florida and continues to actively seek select Class A apartments in this as well as other target markets nationwide.
"We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply constrained apartment sector," said Christian Garner, president and CEO of Avanti Residential in prepared remarks.
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Soleste Grand Central is located at 218 NW 8th Street, with walkable access to several retail and dining options and immediate access to I-95. Amenities include a fourth-floor pool, a fitness center, yoga and spin studios, a salon and a business center that includes individual co-working spaces and a conference room.
The sale was represented by Walker & Dunlop's South Florida investment sales team, led by Managing Director Still Hunter.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
