The Real Deal Miami

Estate Investment Group nabs loan for latest West Miami resi project

Rents will range from $1,350 to $2,900
By Katherine Kallergis | April 20, 2018 12:30PM

Renderings of Soleste Twenty2

Estate Investment Group closed on a $57.8 million construction loan for Soleste Twenty2, an apartment complex planned for West Miami.

Florida Community Bank is providing the financing for the project at 2201 Ludlam Road. It marks one of six rental developments that Estate, led by Robert Suris, has built or is planning to build in West Miami.

Soleste Twenty2 will be delivered in mid-2019. The 338-unit community will have studios, one-, two- and three-bedroom apartments with rents ranging from $1,350 to $2,900, a spokesperson said. It will also have live-work units.

Amenities will include a pool, spa and sun deck with cabanas, a gym, jogging trail, dog park and playgrounds. Units will have washer and dryers and balconies.

Property records show Estate affiliate Valentina View LLC spent $9.4 million assembling the development site between 2016 and 2017.

In October, the developer sold its third new apartment building in the city for $59 million, or $267,000 per rental. A month later, Estate secured approval for Soleste Alameda, a 306-unit development planned for 6290 and 6320 Southwest Eighth Street.

Estate is also working on projects in Palmetto Bay, Miami’s Flagami neighborhood and Blue Lagoon.