Estate Cos. sells new Miami apartment complex for $181M
The Estate Cos. sold the new Soleste Grand Central apartments in the Overtown neighborhood of Miami for $181 million.
Denver-based Avanti Residential purchased the 360-unit apartment complex at 218 N.W. Eighth St. Still Hunter of Walker & Dunlop brokered the deal.
The price worked out to $502,778 a unit. The strong valuation reflects the extremely high demand for apartments in the area.
Soleste Grand Central was 95% occupied only six months after its completion in 2021, according to Avanti. Units in the building are listed on Apartments.com for between $2,139 and $3,960 a month.
“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. “Soleste Grand Central fits perfectly with our investment strategy of acquiring premier lifestyle-forward multifamily communities in prime locations.”
The 19-story building is on a 1.1-acre site east of Interstate 95 and two blocks west of the Historic Overtown/Lyric Theatre Metrorail Station.
Amenities at Soleste Grand Central include a pool deck, a fitness center, yoga and spin studios, a club room, a café, a gaming lounge, and a salon.
South Miami-based Estate Cos. is one of the most prolific multifamily developers in South Florida. It has finished eight Soleste-branded apartment complexes in South Florida since 2012, and sold most of them.
July 2022. South Florida Business Journal.