MIAMI — The Estate Cos. (EIG), a private developer of multifamily properties, has sold Soleste Twenty2 in west Miami for $97 million. The locally based developer completed the eight-story luxury apartment community in February 2020.
An entity doing business as Westdale Twenty2 LLC purchased the 338-unit community. The buyer is an affiliate of Westdale Real Estate Investment Management, according to South Florida Business Journal.
“This transaction stabilized during the difficult times of COVID-19, which further affirms the solid fundamentals of our business plan and our ability to perform for our investors,” says Robert Suris, managing principal at The Estate Cos. “We are glad Westdale will own and capture the value of this amazing asset moving forward.”
Located at 2201 Ludlam Road, Soleste Twenty2 is situated 9.1 miles south of Miami International Airport and 17 miles west of South Beach. The property was approximately 95 percent occupied at the time of sale.
Soleste Twenty2 features studios, one-, two- and three-bedroom units with stainless steel appliance packages, porcelain floors and designer-tiled bathrooms. Rents range from the $1,500s for studio apartments to the $2,600s for three-bedroom units.
Community amenities include a pool deck with spa and private cabanas, relaxation lounge with saunas, athletic center, yoga and spin studios with fitness programming, jogging trail with adjoining bark park and tot lot playground and a rooftop lounge with outdoor theater.
The property also offers a resident lounge with a cyber café and gaming zone, interactive coworking spaces and al fresco dining and grilling areas. The Estate Cos. has 13 projects in various stages of development and 4,305 rental units in the pipeline throughout Miami-Dade, Broward and Palm Beach
Westdale Real Estate Investment Management is a national real estate investment and management company based in Dallas. The company owns and operates over 40,000 units across 13 states.
Written by: Julia Sanders form REBuisness Online