Avanti Residential Acquires $181 Million Soleste Grand Central Miami Apartments
Based in Denver Avanti Residential acquired Soleste Grand Central, a new 360-unit luxury apartment community in downtown Miami. Avanti bought the Class A multi-family community for $181 million from The Estate Companies, which developed the project in 2021 and reached 95% occupancy in six months amid continued strong demand for lifestyle apartments high quality in South Florida.
“We continue to see strong fundamentals in several South Florida multi-family markets, where job growth and migration trends remain impactful demand drivers in an apartment sector already constrained by supply,” he said. declared Christian Garnier, President and CEO of Avanti Residential. “Soleste Grand Central fits perfectly with our investment strategy of acquiring forward-thinking multi-family communities in prime locations. »
Soleste Grand Central is located at 218 NW 8e St., with excellent walking access to a wide range of retail and dining options, and immediate access to I-95. The project is within a two mile radius of a large and growing employment base which currently boasts 170,000 jobs.
Soleste Grand Central offers an eclectic mix of studios, one-, two-, and three-bedroom apartments featuring high-end finishes, full-size washers and dryers, Nest thermostats, and keyless entry systems.
On-site amenities include a fourth-floor resort-style pool and pool deck with shaded cabanas, a fitness center, yoga and spin studios, and a lounge. The project also meets the needs of a young professional population with a stylish business center that includes individual coworking spaces and a conference room. Other amenities include bike storage and repairs, Bark park and pet wash station, organized club room, cafe and game lounge.
The acquisition is Avanti’s fourth South Florida investment in the past year, following major purchases in Boyton Beach, Doral and Saint PETERSBOURG. Avanti has now invested nearly $500 million in Florida and continues to actively seek select Class A apartments in this and other key target markets nationwide.
“This acquisition extends our deep industry experience in the multi-family sector as we continue to source and acquire institutional quality apartments in strong markets and regions,” added Jason Wine, Vice President of Acquisitions for Avanti. “Our national investment strategy is also based on the strong working relationships we have with real estate professionals in the local market.”
The sale was represented by Walker & Dunlop’s South Florida investment sales team, led by Managing Director Still Hunter.