Miami—Waterton has acquired Soleste West Gables, a 206-unit development in West Miami, from a joint venture between Estate Investments Group, Fortune Capital Partners and Mattoni Group, for $57.4 million.
“The transaction presented an opportunity to acquire a well-located, Class A, new-construction community at an attractive basis,” Justin Maturo, Waterton’s assistant vice president of acquisitions, told MHN. “In addition, the property’s location in West Miami offers residents convenient access to nearby employment centers and transportation, as well as numerous restaurants, retail shops and recreational amenities located throughout Miami-Dade.”
Located at 2101 Ludlam Road, the 206-unit property includes a mix of one-, two- and three-bedroom units. In addition, the property offers a resort-style swimming pool and spacious sundeck with private cabanas, poolside fitness center and resident lounge with cyber café.
“Waterton plans to complete minor upgrades throughout the community to further enhance its overall appeal,” Maturo said.
At the time of the sale, the community was fully leased, boasting a median household income that is two-and-a-half times higher than the city average and has injected new life and vitality into a city that was developed in the mid-1900s.
The property’s location in West Miami offers convenient access to several of the area’s largest employment centers, shopping and entertainment districts, and key transportation nodes.
According to Maturo, the city of West Miami’s willingness to work with developers has paved the way for several commercial projects and infrastructure improvements that will further raise the profile of the area.
“Like many of our investments, Soleste West Gables is located in a submarket poised to experience meaningful growth,” Maturo said. “The property also benefits from being centrally located amongst some of the largest employment centers and key transportation nodes in Dade County. In addition, the positive trend during lease-up proves there is strong demand for institutional-quality product in West Miami.”
The sellers are big owners in the West Miami area, and still own the 196-unit Soleste Club Prado; the 221-unit Soleste West Gables II; the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View.
“We saw West Miami as a natural westerly extension of Coral Gables and an untapped paradise for institutional investments. The area had been entirely overlooked for years and now this transaction elevates the West Miami community to the level of development happening in Doral, Dadeland, Coral Gables and South Florida’s other top markets,” Robert Suris, principal of Estate Investments Group, said. “Our tenants are largely young professionals with high levels of disposable income and we are confident the combination of strong demand and an exquisite product will drive interest and accelerate the market’s growth even further.”