UPDATED, Aug. 18, 1 p.m.: The Estate Companies sold a Miami apartment complex to Westdale Real Estate Investment and Management, marking at least the fourth multifamily deal between the seller and buyer this year.
Estate sold the 330-unit Soleste Blue Lagoon at 5479 Northwest Seventh Street for $93.8 million, according to Neyda Bravo, a broker on the deal. The deal breaks down to $284,346 per apartment.
Bravo worked with Luis Gonzalez, both of Bravo & Partners Realty, to close the deal. Scott Podvin and Antonio Emmanouilidis of Roseline Partners served as “transaction brokers” to both Estate and Westdale.
Hampton Beebe and Avery Klann of Newmark listed the property.
The eight-story complex near Miami International Airport was completed in 2019 on 2.2 acres, property records show.
South Miami-based Estate, a prolific multifamily developer in suburban Miami-Dade County, bought the property in 2017 for $3.9 million. The developer then obtained a $52 million construction loan that same year.
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Robert Suris is Estate’s managing principal, and Tony Castro and Jeff Ardizon are principals of the firm.
Dallas-based Westdale, whose president and CEO is Joe Beard, is a privately held investor in multifamily and other commercial real estate, according to its website. Founded in 1991, it also offers property management, construction services, asset management, risk management and debt services.
Westdale bought Estate’s Palmetto Bay apartment complex for $58.2 million in July. It also bought two of Estate’s complexes in West Miami, a city where the developer has heavily focused. Westdale bought Soleste Alameda for $82.9 million in June and Soleste Twenty2 for $97 million in April.