Dallas-based Westdale Real Estate Investment & Management purchasedits second apartment complex in Miami-Dade County this year.
Alameda Holdings LLC, an affiliate of Miami-based the Estate Cos., sold the 306-unit Soleste Almeda at 6320 and 6290 S.W. Eighth St. to an affiliate of Westdale for $82.92 million, according to brokers Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty in South Miami.
The price equated to $270,071 a unit.
The eight-story apartment complex was completed in 2020. Amenities include a pool deck with cabanas, fitness studio with yoga and spinning rooms, serenity garden and a rooftop social activities deck. Units range from 450 to 900 square feet. It is over 90% leased.
“Soleste Alameda leased up during the height of the pandemic, which presented its own set of challenges throughout the industry,” said Jeffrey Ardizon, principal of the Estate Cos. “However, Soleste Alameda continued to perform well throughout, a testament to demand to the submarket and strong fundamentals all around.”
Westdale is clearly bullish on Miami-Dade’s multifamily market as rents increase. In April, it acquired Soleste Twenty2 in West Miami from the Estate Cos. for $97 million. Bravo and Gonzalez brokered that deal, as well. Roseline Partners was a transaction advisor to both parties in the two deals.