The Estate Companies (EIG) has sold Soleste Alameda, a recently completed luxury eight-story development with 306 rental units at 6320 SW 8th St. in West Miami. Dallas-based Westdale Real Estate Investment and Management (Westdale) acquired the asset for approximately $83 million. Soleste Alameda was completed in Q2 2020 and was over 90% leased at the time of sale. The closing took place June 22nd.
“Soleste Alameda leased up during the height of the pandemic, which presented its own set of challenges throughout the industry,” stated Jeffrey Ardizon, principal, The Estate Companies. “However, Soleste Alameda continued to perform well throughout, a testament to demand to the submarket and strong fundamentals all around.”
The Soleste Alameda community features a variety of studios, one and two-bedroom units outfitted with sleek modern kitchens, stainless steel appliances, elegant porcelain floors, contemporary chrome fixtures, washer and dryer, private balconies, and oversized impact-resistant windows and sliding glass doors.
Like all projects within the Soleste Living brand portfolio, Soleste Alameda is a highly amenitized development curated with a vast collection of health and wellness offerings, social components and pet-friendly features, including a tropical pool deck with sundeck and private cabanas, state-of-the-art fitness center with yoga and spin studios and on-demand fitness programming, secured parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. A resident entertainment lounge with a cybercafé, al fresco dining and grilling areas provide additional entertainment and comfort for residents.
The Estate Companies is one of the most active multifamily developers in Florida. The firm is nearing completion on Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. Development is underway on Alture Westland, a hotel conversion in Hialeah, as well as luxury developments in North Miami Beach, Dania Beach, and Spring Gardens within Miami’s health district, among others