Estate Companies sells Soleste Twenty2 apartments in West Miami for $97M

338-unit multifamily project was completed last year

Miami /
Apr.April 15, 2021 05:30 PM
Soleste Twenty2 at 2201 Ludlam Road in West Miami, The Estate Companies executive Robert Suris and Westdale president and CEO Joe Beard (right) (Soleste Twenty2)

Soleste Twenty2 at 2201 Ludlam Road in West Miami, The Estate Companies executive Robert Suris and Westdale president and CEO Joe Beard (right) (Soleste Twenty2)

UPDATED, July 29, 4:50 p.m.: The Estate Companies sold its fourth West Miami multifamily community, this time for $97 million.

The South Miami-based developer said it sold the 338-unit Soleste Twenty2 at 2201 Ludlam Road to Dallas-based Westdale Real Estate Investment Management. The sale equates to $286,982 per unit.

The eight-story property on half an acre totals 423,104 square feet, according to property records.

Neyda Bravo and Luis González of Bravo & Partners Realty brokered the deal. Roseline Partners served as “transaction broker” to both the Estate Companies and Westdale.

Tony Castro and Jeff Ardizon of The Estate Companies

Tony Castro and Jeff Ardizon of The Estate Companies

Estate Companies, led by Robert Suris, completed Soleste Twenty2 last year, after scoring a $57.8 million construction loan from Florida Community Bank in 2018. It is 97 percent leased, the company said.

Estate, known for its Soleste multifamily brand, develops throughout South Florida, although it has focused heavily on West Miami. It built and sold Soleste West Gables I, Soleste West Gables II, and with other partners, Soleste Club Prado.

Last year, it completed the 306-unit Soleste Alameda, also in West Miami. It’s 80 pre-leased and 77 percent occupied, Suris said.

Most recently, it embarked on its Alture brand, scoring $29.5 million in construction financing to turn a closed Ramada Inn in Hialeah into the 251-unit Alture Westland.

Westdale, founded in 1991 and led by Joe Beard owns 200 commercial real estate properties in 30 cities, according to its website. It has a capitalization of more than $5 billion.

In 2018, Beard bought a three-bedroom penthouse at 1 Hotel & Homes South Beach for $5.6 million.





    Related Articles

    arrow_forward_ios
    Thomas Walter, president, Applied Hospitality in front of the Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors (Applied Hospitality, LoopNet)
    Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
    Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
    Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach (Altman Companies)
    Altman pays $14M for golf course development site near Lake Worth Beach
    Altman pays $14M for golf course development site near Lake Worth Beach
    Laguna Pointe Apartments are at 903 Southwest 15th Street in Pompano Beach, 25370 Southwest 137th Avenue in Homestead and Sanctuary Cove Apartments at 5301 West McNab Road in North Lauderdale (Redfin, Apartments.com, Google Maps)
    Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
    Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
    Charles Kushner, Nicole Kushner Meyer and Laurent Morali with a rendering 1900 and 2000 Biscayne (Kushner Companies)
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    1029, 1035 and 1043 94th Street in Bay Harbor Islands, FL (Google Maps)
    New York broker pays $8M for Bay Harbor Islands apartments
    New York broker pays $8M for Bay Harbor Islands apartments
    Cam Group's Pedro Camejo and a rendering of Calle Ocho
    Little Havana developer completes assemblage for 200-unit apartment building
    Little Havana developer completes assemblage for 200-unit apartment building
    From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
    Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
    Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
    From left: Steve Fifield of Fifield Companies (buyer and site developer); Tony Cho of Metro 1 (seller) (1Metro, Fifield Companies)
    Chicago developer pays $20M for Wynwood dev site with plans for mid-rise apartments
    Chicago developer pays $20M for Wynwood dev site with plans for mid-rise apartments
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...