Waterton Acquires Miami Community for $59M
- Oct 24, 2017
Waterton has acquired Soleste West Gables Phase II, an eight-story, 221-unit Class A apartment community in West Miami, Fla., from a joint venture of Estate Investments Group LLC, Fortune Capital Partners and the Mattoni Group, for a reported $59 million.
Last year, Waterton acquired District West Gables Phase I from the same joint venture for $57.4 million, and will now combine the two properties to create a community called District West Gables.
“For us, the appeal was about completing the two-phase acquisition; an opportunity to create operating efficiencies and synergies by combining both assets,” Justin Maturo, Waterton’s vice president of acquisitions, told MHN. “We made a bet on the submarket last year when we bought the first phase and we certainly believe in the location.”
Located at 2001 Ludlam Road, West Gables Phase II includes studios and one- and two-bedroom apartments. Additionally, 5 percent of the available units are residential villas. All contain gourmet kitchens with granite countertops, stainless steel appliances and tile backsplashes, as well as either private terraces or balconies.
Community amenities includes a resort-style swimming pool and sun deck with cabanas; a fitness center with club-style equipment; a resident lounge with cyber café; a movie theater; children’s playroom; and controlled-access parking garage. Residents will also have access to move-in help from Digital Waterton Concierge.
There’s also an outdoor courtyard that connects the two buildings and offers shared access to each building’s garage, an outdoor dog park and children’s play area.
“The amenities in Phase II are very similar to Phase I with the exception that they are two-and-a-half-times as expansive, so things are larger,” Maturo said. “Furthermore, the acquisition of Phase II significantly increases the overall amenity space offered to our residents, which will allow both properties to retain their competitive position in the marketplace.”
District West Gables is situated just seven miles west of the bustling downtown Miami and three miles west of downtown Coral Gables, home of the University of Miami and Miami Children’s Hospital. Its central location offers plenty of transportation options and employment centers, and is close to numerous restaurants, shops and recreational amenities.
“You’re surrounded by all the various demand drivers in Miami-Dade County due to its central location, so it checked all the boxes for us,” Maturo said. “Locationally, we believe this submarket is on the front end of what we believe will be some meaningful gentrification, so hopefully we can capture some of that growth we expect in West Miami over the next couple of years.”
With this deal, Waterton’s portfolio now consists of nearly $3.4 billion in real estate assets, including 41 multifamily investments totaling about 14,000 units and nine hotels with more than 2,500 rooms.