Avanti Acquires $181M Miami Multifam, Reaches $500M in Area Investments
Avanti Residential has acquired Soleste Grand Central, a newly built luxury 360-unit apartment community in downtown Miami, FL. Avanti purchased the Class A multifamily community for $181 million from The Estate Companies, which developed the project in 2021 and achieved 95% occupancy in six months.
Still Hunter led the Walker & Dunlop team that represented the sale. Safehold Inc., provided a $62.5-million ground lease to facilitate the acquisition.
The acquisition is Avanti’s fourth South FL purchase in the past year and brings the company’s investment in the area to approximately $500 million.
Soleste Grand Central is located at 218 NW 8th Street with walkable access to retail and dining options, and immediate access to I-95. On-site amenities include a fourth-floor pool and deck with cabanas, a fitness center, yoga and spin studios, and a salon. The project has a business center with co-working spaces and a conference room plus bike storage and repair, bark park and pet washing station, clubroom, café and gaming lounge.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.