Avanti Residential buys Miami apartments for $181 million
Lifestyle multi-family investor and owner-operator Avanti Residential acquired the Soleste Grand Central in downtown Miami from the seller The Domain Cos. The newly built luxury apartment community cost $181 million.
The acquisition marks Avanti’s fourth investment in South Florida in the past 12 months, following its acquisitions in Boynton Beach, Doral and St. Petersburg.
After its completion in 2021, the 360-unit apartment community reached 95% occupancy in six months. Located at 218 NW 8e St., Soleste Grand Central offers a vibrant mix of studio, one, two and three bedroom apartments.
Features and finishes include full-size washers and dryers, Nest thermostats, keyless entry systems, porcelain tile floors, and frameless cabinetry with brushed brass handles. A yoga/spin studio with on-demand fitness programming tops the list of amenities.
The apartment community’s location in downtown Miami allows residents to walk to a wide selection of shops and restaurants. It also allows immediate entry and exit to Interstate 95. The property is within 2 miles of a large and rapidly growing employment hub currently providing 170,000 jobs. Five transit or subway stations are located within six-tenths of a mile of Soleste Grand Central. Two commuter train stations are located less than 10 minutes away.
In a prepared statement, an Avanti Residential official noted that the company continues to see strong fundamentals in South Florida multifamily markets. The official noted that a mix of limited supply, strong job growth and immigration made the property a highly desirable target. It also aligns with Avanti’s investment strategy of acquiring premier, forward-thinking multi-family properties in coveted locations.
The transaction was represented by the South Florida investment sales team of Walker and Dunlop, led by Still Hunter, Managing Director. Earlier this week, Lloyd Jones acquired the Miami FIRST Apartments community for $92 million.