Estate Cos. Divests from West Miami MF Property for $97M
Developer The Estate Cos. has divested from Soleste Twenty2, a recently completed 338-unit multifamily development in West Miami. Westdale Twenty2 LLC acquired the property for $97 million.
Located at 2201 Ludlam Rd., the eight-story property was completed in February of 2020 and is currently 95% leased. The community features a variety of studios, one, two and three-bedroom units outfitted with gourmet kitchens and stainless steel appliance packages, porcelain floors and designer-tiled bathrooms. Rents start at $1,500 for studios with three-bedrooms starting at $2,600.
“This transaction stabilized during the difficult times of Covid-19, which further affirms the solid fundamentals of our business plan and our ability to perform for our investors,” said Robert Suris, managing principal at The Estate Companies. “We are glad Westdale will own and capture the value of this amazing asset moving forward!”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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