Estate Companies pay $13M for North Miami Beach apartments dev site
Seller bought the land for $8M in 2005
A company affiliated with The Estate Companies paid $13.1 million for the development site of a waterfront 23-story apartment tower in North Miami Beach.
The company bought the 1.8-acre property at 16395 Biscayne Boulevard, according to records.
In September, The Estate Companies received approval for Soleste NoMi. It is expected to have 367 units, 2,708 square feet of commercial space and 655 parking spaces. Based in South Miami, the Estate Companies is led by Robert Suris.
The seller of the land is a company tied to Keystone Holdings, a Miami-based developer led by brothers Mike and Reinaldo Mouriz and cousin Enrique Puig. Keystone bought the property in 2005 for $8.3 million, according to records.
The Estate Companies plans to start construction in the first quarter of 2021, company principal Jeff Ardizon said.
In other South Florida multifamily market news, Hollywood commissioners this month approved the demolition of a 93-year-old building to clear a downtown site for another Soleste-branded apartment project. Also this month, a California-based real estate management company paid $80 million for a 224-unit Palm Beach Gardens apartment community.
In November, a pair of Plantation apartment complexes with a combined 345 units sold for a total of $57 million.