Estate Companies completes 338-unit West Miami project
The Estate Companies completed its fourth new rental project in West Miami.
Soleste Twenty2, an eight-story, 338-unit development at 2201 Ludlam Road, secured its certificate of occupancy. The Estate Companies, led by Robert Suris, broke ground on the complex in the fourth quarter of 2017 and launched leasing in October.
Suris has developed and sold Soleste West Gables I, Soleste West Gables II, and with other partners, Soleste Club Prado. All three are luxury rental communities with a total of 623 units. His company is also in the midst of building the 306-unit Soleste Almeda apartment project, also in West Miami.
Soleste Twenty2 is about 60 percent leased with rents starting in the $1,500s for studios and in the $2,600s for three-bedroom apartments, according to a press release.
Units feature gourmet kitchens, stainless steel appliances and porcelain floors. Community amenities include a pool deck with a spa and cabanas, a lounge with saunas, a fitness center, yoga and spin studios, a rooftop lounge with an outdoor theater, residents’ lounge and a jogging trail, dog park and children’s playground.
The developer financed construction of the project with a $57.8 million construction loan from Florida Community Bank. Property records show Estate affiliate Valentina View LLC spent $9.4 million assembling the development site between 2016 and 2017.
In addition to its projects in West Miami, the Estate Companies has close to 3,400 rental units in the pipeline in South Florida, including the 200-unit Soleste Bay Village in Palmetto Bay.
South Florida will see nearly 16,000 apartments delivered this year, leading rents to flatten in markets with added supply, according to a recently released report from Berkadia. That marks the highest number of annual deliveries so far this cycle.