Chicago investor picks up new West Miami apartments: $57M

Waterton paid about $279,000 per unit for Soleste West Gables

Aug.August 02, 2016 09:45 AM

A Chicago-based investment and property management firm bought a newly completed apartment development in West Miami for $57.4 million.

Waterton paid about $279,000 per unit for Soleste West Gables, the company announced on Monday. Estate Investments Group, Fortune Capital Partners and Mattoni Group were the sellers.

The 206-unit complex, at 2101 Ludlam Road, opened in September and is fully leased to a majority of young professionals. Units range from one-bedrooms to three-bedrooms, and amenities include a pool, cabanas, gym and lounge.

Mattoni, Estate Investments and Fortune Capital are also working on the 196-unit Soleste Club Prado; the 221-unit Soleste West Gables II; the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. They bought the sites as distressed properties, the developer previously told The Real Deal. The properties were purchased for an average price of about $6 million each.

The partners closed a $37.8 million construction loan for Soleste West Gables II in February.

When all five are completed, they are expected to increase West Miami’s property values from $330 million in 2016 to $690 million by 2019, according to a press release. Robert Suris, principal of Estate Investments, said in a statement that the city is a “natural westerly extension of Coral Gables.”

Since January, investors and developers sold and purchased more than $4 billion worth of apartments, many of which are located in suburban areas.

Waterton has in its portfolio about $4 billion in assets, including 20,000 apartments and 13 hotels. – Katherine Kallergis

Related Articles


Zom partnership plans mixed-use project on Ludlam Trail

Honey, millennials shrunk the office space: panel

Estate Investments Group scores $51M construction loan for apartments in West Miami

Miami investor Ricardo Caporal buys dev site near Westchester

Estate Investment Group nabs loan for latest West Miami resi project

West Miami approves Soleste Alameda apartment project

Mattoni Group closes on commercial units at 1010 Brickell

Developer sells 3rd rental building in West Miami since 2016