MIAMI and DENVER, July 11, 2022 (GLOBE NEWSWIRE) -- Denver-based Avanti Residential has acquired Soleste Grand Central, a newly built luxury 360-unit apartment community in downtown Miami. Avanti purchased the Class A multifamily community for $181 million from The Estate Companies, who developed the project in 2021 and achieved 95% occupancy in six months amid ongoing strong demand for high quality lifestyle apartments in South Florida.
“We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply constrained apartment sector,” said Christian Garner, president and CEO of Avanti Residential. “Soleste Grand Central fits perfectly with our investment strategy of acquiring premier lifestyle-forward multifamily communities in prime locations.”
Soleste Grand Central is located at 218 NW 8th Street, with excellent walkable access to a wide array of retail and dining options and immediate ingress/egress access to I-95. The project is within a two-mile radius of a sizable and growing employment base currently boasting 170,000 jobs.
Soleste Grand Central features an eclectic mix of studio, one-, two-, and three-bedroom apartments appointed with top-of-the-line finishes, full-size washers and dryers, Nest thermostats and keyless entry systems.
Onsite amenities include a fourth-floor resort-style pool and pool deck with shaded cabanas, a fitness center, yoga and spin studios, and a salon. The project also meets the needs of a young professional demographic with a stylish business center that includes individual co-working spaces and a conference room. Other amenities include bike storage and repair, a Bark Park and pet washing station, a curated clubroom, a café and a gaming lounge.
This acquisition is Avanti’s fourth South Florida investment in the past year, following major purchases in Boynton Beach, Doral, and St. Petersburg. 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 multifamily sector as we continue to source and acquire institutional quality apartments in strong markets and locales,” added Jason Wine, vice president of acquisitions for Avanti. “Our nationwide investment strategy relies equally on the strong working relationships we maintain with local market real estate professionals.”
The sale was represented by Walker & Dunlop’s South Florida investment sales team, led by Managing Director Still Hunter.
About Avanti Residential
Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colorado, Avanti operates a vertically integrated platform led by a seasoned executive team, each with more than 25 years’ experience in the acquisition and value creation of apartment properties. The company applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. AvantiResidential.com
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