The Estate Companies Negotiates $58.3 Million Sale Of Palmetto Bay Residential Community

The Estate Companies (EIG), a developer of luxury multifamily developments throughout South Florida, announced the sale of Soleste Bay Village, a new five-story residential community with 213 rental units at 18301 S. Dixie Highway in the Downtown Urban Village district of Palmetto Bay.

Dallas-based Westdale Real Estate Investment and Management acquired the asset for approximately $58.3 million. Closing took place July 12.

Soleste Bay Village is the third development The Estate Companies has sold to Westdale this year. Recent transactions include Soleste Alameda for $83 million and Soleste Twenty2 for $97 million, both in West Miami.

“We share a great relationship with Westdale, who recognizes the credibility of our team and integrity and value of our projects,” stated Robert Suris, managing principal, The Estate Companies. “When the pandemic hit, we were able to quickly adapt and adjust our operations to meet the market conditions, and we were successful in achieving lease-ups and stabilizing several assets.”

Soleste Bay Village was completed in Q2 2020 and is approximately 98 percent leased.

The community features a variety of studios, one, two and three-bedroom units ranging in size from 600 to 1,100 square feet. Units are outfitted with sleek modern kitchens, custom cabinetry, quartz countertops, designer lighting, large walk-in closets, and impact resistant glass.

Like all projects within the Soleste Living brand portfolio, Soleste Bay Village is a highly amenitized development curated with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with an expansive sundeck and private cabanas, a state-of-the-art fitness center complete with spinning and yoga rooms, spa, children’s playground, dog park and more.

Hampton Bebee and Avery Klann of Newmark Knight Frank as well as Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty were involved in this transaction.

Led by Managing Principal Robert Suris and Principal Jeffrey Ardizon, 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.

 

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