Grand Peaks Secures $61M Miami Development
- Jun 12, 2017
Soleste Club Prado, a newly completed, 196-unit apartment community in West Miami, Fla., has sold for $61 million. The seller is real estate investment and development firm Estate Investments Group (Estates) and partners Fortune Capital Partners and Mattoni Group. The buyer is an affiliate of Denver-based Grand Peaks Properties, which will add to its growing South Florida holdings with what it considers a prized acquisition. Within the previous 12-month period, the same development group divested itself of another West Miami apartment community, the 206-unit Soleste West Gables, for $58 million.
Estates and its partners attribute these recent triumphs to several factors, including unparalleled location, top-level design and construction, distinctive amenities, outstanding management and the future-looking vision of leaders in West Miami, a tiny city measuring a mere three-quarters of a square mile in size.
With an address at 950 Red Road in West Miami, Soleste Club Prado features one-, two- and three-bedroom units ranging in price from $1,680 to $3,475. Among the amenities are a hotel-inspired pool and spa, sundeck and private cabanas, outdoor kitchen and bar, resident lounge, kids gaming zone, rooftop serenity garden, fitness studio and parking garage, among others. It is 95 percent leased.
“The potential we saw in West Miami is being fulfilled,” said Estates principal Robert Suris. “The project’s proximity to some of Miami’s most popular destinations and its premium design and amenities made it a natural choice, both for buyers like Grand Peaks, and today’s ultra-discerning renters. Past generations were willing to compromise, but today’s residents demand the best design, amenities, personal attention and the convenience of quality restaurants, bars and shopping centers. This level of expectation drives us to improve and deliver a superior product each time.”
A company spokesman added that growing interest from institutional investors attests to the quality of these developments, as well as to the promise national firms are attaching to South Florida’s luxury apartment community development scene.
Miami-based Estates is currently shepherding a number of other projects through the development channel. Among them are the 221-unit Soleste West Gables II, 330-unit Soleste Blue Lagoon, 99-unit Soleste Park View, 338-unit Soleste Twenty2, 240-unit Soleste Alameda and 200-unit Soleste Bay Village.