Investor and lifestyle multifamily owner-operator Avanti Residential has acquired Downtown Miami’s Soleste Grand Central from seller The Estate Cos. The newly-built, luxury apartment community commanded a purchase price of $181 million.
The acquisition marks Avanti’s fourth South Florida investment in the last 12 months, following its acquisitions in Boynton Beach, Doral and St. Petersburg.
After its completion in 2021, the 360-unit apartment community achieved 95 percent occupancy in six months. Situated at 218 NW 8th St., Soleste Grand Central features a vibrant blend of studio, one-, two- and three-bedroom apartments.
Features and finishes include full-size washers and dryers, Nest thermostats, keyless entry systems, porcelain tile floors and frameless cabinets with brushed brass pulls. A yoga/spin studio with on-demand fitness programming tops the list of amenities.
The apartment community’s location in Downtown Miami enables residents to walk to a broad selection of shopping and restaurant choices. It also permits immediate ingress and egress to Interstate 95. The property is within a 2-mile radius of a substantial and fast-growing job hub currently offering 170,000 employment positions. Five transit or subway stations are located within six-tenths of a mile of Soleste Grand Central. Two commuter rail stations are situated no more than 10 minutes away.
In a prepared statement, an Avanti Residential official noted the company continues to discern robust fundamentals in the South Florida multifamily markets. The official noted a mix of constrained supply, strong employment growth and in-migration made the property a highly desirable target. It also fit with Avanti’s investment strategy of acquiring premier lifestyle-forward multifamily properties in coveted locations.
The transaction was represented by the South Florida investment sales team of Walker & Dunlop, headed by Still Hunter, managing director. Earlier this week, Lloyd Jones acquired Miami apartment community FIRST Apartments for $92 million.