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Apartment building in red-hot neighborhood sells for $61 million

A 196-unit apartment building in West Miami has sold for a record $61 million, continuing the tiny neighborhood's trend of surging property values and interest from institutional investors .

Soleste Club Prado, an eight-story, 196-unit building at 950 Red Road just west of Coral Gables, was completed in 2016 by developers Estate Investment Group (Estates), Fortune Capital Partners and Mattoni Group. The building offers one, two and three-bedroom units ranging in rent from $1,680 to $3,475 and is 95 percent leased out.

The sales price for the 168 ,872 square-foot building works out to $360 per square foot.

The buyer was Grand Peaks Properties, the Denver-based parent of the national apartment management company Grand Peaks Property Management, which operates five other South Florida rental residential buildings in South Miami, Doral and Plantation.

"The potential we saw in West Miami is being fulfilled," Estate principal Robert Suris said in a statement. "The project's proximity to some of Miami's most popular destinations and its premium design and amenities made it a natural choice, both for buyers like Grand Peaks, and today's ultra-discerning renters."

Although it takes up less than one square mile and has one of the smallest tax bases in the county, West Miami had the biggest surge in property values in Miami-Dade in 2017 - 28 percent. New construction rose to $55 million and existing property grew by 13 percent.

The previous West Miami record was set in August 2016, when the Chicago-based real estate investment and property management firm Waterton paid $57.4 million for Soleste West Gables, a seven-story, 206-unit building at 2101 Ludlam Rd.

Estate has six other multi-family buildings in development through Miami-Dade.

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