Estate Companies sells Soleste Twenty2 apartments in West Miami for $97M
338-unit multifamily project was completed last year
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.
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.