The Estate Cos. sold the year-old Soleste Twenty2 apartment complex in West Miami for $97 million.
Valentina View LLC, an affiliate of Miami-based the Estate Cos., sold the 338 apartments at 2201 Ludlam Road to Westdale Twenty2 LLC, an affiliate of Dallas-based Westdale Real Estate Investment & Management Co. The price equated to $286,982 per unit.
The deal was brokered by Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty.
While the Covid-19 pandemic caused a decline in commercial real estate deals overall, there’s still strong demand for multifamily properties as the region’s population continues growing.
“This transaction stabilized during the difficult times of Covid-19, which further affirms the solid fundamentals of our business plan and our ability to perform for our investors,” said Robert Suris, managing principal of the Estate Cos. “We are glad Westdale will own and capture the value of this amazing asset moving forward.”
The seller said Soleste Twenty2 is 95% leased. Rents range from the $1,500s for a studio to the $2,600s for three bedrooms.
Amenities include a pool deck with cabanas, saunas, a fitness center, a yoga room, a jogging trail, a dog park, a rooftop lounge, coworking space, a game room, and a playground.
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