Real estate companies have sold the Soleste Grand Central apartment building he developed near Miami’s downtown Brightline train station for $181 million.
Avanti Residential, a Denver-based multi-family real estate investor and owner-operator, has purchased the 18-story, 360-unit building at 218 Northwest Eighth Street, according to the buyer’s press release. The property is in the Overtown area of Miami and also in an area of opportunity.
Still Hunter led the Walker & Dunlop team representing the seller.
Soleste Grand Central offers studios and one- to three-bedroom apartments, with monthly rents ranging from $2,139 to $3,960, according to Apartments.com. A fourth-floor terrace has a pool and gym, with other building amenities including a shared workspace with conference rooms and a dog park, the statement said.
South Miami-based Estate Companies completed the building on a one-acre site last year, according to property records and the developer’s website. In 2019, Estate and Michael Tillman’s PTM Partners, which partnered for the development of Soleste, secured a $55 million loan from Bank OZK and $18 million in mezzanine financing from Nationwide Real Estate Investments.
The property was 97% occupied at the time of the sale, according to Estate managing director Robert Suris. He runs the company, along with principal Jeffrey Ardizon.
The sale breaks down to $502,778 per unit. Although the sale price is not a record, the price per apartment is the highest among South Florida multifamily deals this year, according to an analysis of The Real Deal reports.
The property is steps from Brightline Station’s pair of ParkLine Miami rental towers, which Harbor Group International bought for more than $400 million in March in a record deal.
Downtown Miami and surrounding areas have been redeveloped with new projects in recent years, including the 27-acre mixed-use Miami Worldcenter. Coconut Grove-based Hyatt Hotels and Gencom plan to redevelop the James L. Knight Center and neighboring hotel with a three-tower hotel and multi-family complex.
At the same time, South Florida’s multifamily market boomed on strong demand, allowing landlords to raise rents to new highs and boost investment activity.
Avanti Residential, led by Christian Garner, has stepped up its bet on the market. In the past year, it has paid $105 million for the 500 Ocean apartment complex at 101 South Federal Highway in Boynton Beach, and $102.5 million for the Sanctuary Doral complex at 9400 Northwest 41st Street in Doral .
The Soleste Grand Central deal is consistent with Estate’s strategy of building and stabilizing multifamily properties, then selling soon after. In August, she sold the Blue Lagoon 7 building at 5479 Northwest Seventh Street in Miami for $93.8 million.