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South Florida

Estate Companies sells Palmetto Bay apartment complex for $58M

213-unit Soleste Bay Village traded for $273K per unit

Westdale president and CEO Joe Beard and Jeff Ardizon and Robert Suris of The Estate Companies with Soleste Bay Village (Estate, Soleste Bay Village)
Westdale president and CEO Joe Beard and Jeff Ardizon and Robert Suris of The Estate Companies with Soleste Bay Village (Estate, Soleste Bay Village)

UPDATED, July 29, 5:25 p.m.: The Estate Companies sold its Palmetto Bay apartment complex for $58.2 million.

The South Miami-based developer, though an affiliate, sold Soleste Bay Village at 18301 South Dixie Highway to Westdale Real Estate Investment and Management, according to Neyda Bravo, a broker on the deal.

Bravo worked with Luis Gonzalez, both of Bravo & Partners Realty, to close the deal. Roseline Partners served as “transaction broker” to both Westdale and Estate Companies.

The sale of the 213-unit apartment complex on 2 acres breaks down to $273,468 per unit.

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Estate is a prolific apartment developer, focusing on suburban areas such as West Miami, Hialeah, Hollywood and Palmetto Bay. Robert Suris is managing principal, and Tony Castro and Jeff Ardizon are principals of the firm.

Estate has developed most of its multifamily projects under the Soleste brand. The group finished Soleste Bay Village in 2020, property records show.

Dallas-based Westdale Real Estate, led by president and CEO Joe Beard and founded 1991, is a nationwide real estate investment, property management, leasing and construction firm, according to its website. It owns about 200 commercial and multifamily properties in 30 cities.

Westdale has purchased several of Estate’s South Florida apartment complexes. In June, Westdale bought the 306-unit Soleste Alameda in West Miami for $82.9 million. In April, it bought the 338-unit Soleste Twenty2 for $97 million.

Estate also has launched its Alture brand, with plans to convert a long-closed Hialeah hotel into a multifamily project, with the help of a $29.5 million construction loan.

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ApartmentsEstate CompaniesPalmetto Bay