Estate Investments Group Tops Off 2 Miami Communities
- May 27, 2019
Estate Investments Group has topped off two of its newest luxury communities: Soleste Bay Village, a 211-unit multifamily in Palmetto Bay, Fla., and Soleste Alameda, a 306-unit residential property in West Miami, Fla. According to Yardi Matrix data, the developer took out a $33.8 million loan from Banesco USA for the first project, while Soleste Alameda had two financing sources: a $46.7 million construction loan funded by Centennial Bank and a $4.6 million loan from Linkvest Capital.
Located at 18301 S. Dixie Highway, Soleste Bay Village is built on a 2-acre site in Palmetto Bay’s Downtown Urban Village District, within an opportunity zone. The five-story community consists of 211 units, studios and one- to three-bedroom floorplans ranging from 600 to 1,100 square feet. In-unit features are set to include quartz countertops, walk-in closets and windows with impact-resistant glass. Common-area amenities will feature a swimming pool with sundeck and private cabanas, a fitness facility with spinning and yoga rooms, a playground, dog park and spa. The development broke ground in May 2018 and is slated for completion in November.
Soleste Alameda, the company’s fifth community in West Miami, is at 6320 S.W. Eighth St., a few blocks away from Coral Gables. The property has easy access to the Palmetto and Dolphin expressways, while the Miami International Airport is roughly 6 miles north. The two-building development, constructed on a 1.9-acre site, encompasses 306 studios, one- and two-bedroom units, ranging in size between 450 and 900 square feet. Interior and exterior finishes are set to largely be similar to the ones planned for Soleste Bay Village. Work at Alameda began in June 2018, with the project slated for completion early next year.
Currently, EIG has 10 Soleste-branded properties, five of which are in various stages of development throughout South Florida. One of them is a 338-unit luxury community located just 1.3 miles southwest of Soleste Alameda. The development received $57.8 million in construction financing last April and is slated for delivery in mid-2019.