Avanti Residential Completes $181 Million Acquisition of 360 Units of Miami’s Solist Grand Central luxury condo community

MIAMI, Florida – Denver-based Avanti Residential has acquired Soleste Grand Central, a newly built 360-unit luxury residential community in downtown Miami. Avanti purchased the Class A multi-family community for $181 million from The Estate Companies, which developed the project in 2021 and achieved 95% occupancy in six months amid continued strong demand for quality lifestyle apartments in South Florida.

“We continue to see strong fundamentals in many multi-family South Florida markets, as employment growth and immigration trends remain drivers of demand in an already constrained apartment segment,” said Christian Garner, president and CEO of Avanti Residential. “Solist Grand Central fits perfectly with our investment strategy of acquiring pioneering lifestyle multi-family communities in prime locations.”

Soleste Grand Central is located at 218 NW 8th Street, with excellent walkable access to a wide range of retail and dining options, and immediate entry/exit to I-95. The project is located within a two-mile radius of a large and growing employment base that currently holds 170,000 jobs.

Soleste Grand Central features an eclectic mix of studios, one, two and three bedroom apartments fitted with the latest finishes, full size washers and dryers, thermostats and keyless entry systems.

On-site amenities include a resort-style pool on the fourth floor, a pool deck with shaded cabanas, a fitness center, yoga and spin studios, and a salon. The project also caters to 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 park and pet wash station, a coordinated club room, a café and a gym.

This acquisition is Avanti’s fourth investment in South Florida last year, following major acquisitions in Boynton Beach, Doral and St. Avanti has now invested nearly $500 million in Florida and continues to actively search for first-class apartments in this and other major target markets nationwide.

“This acquisition expands our deep industry expertise in the multi-family sector as we continue to seek and acquire institutional-quality apartments in strong markets and localities,” added Jason Wayne, Avanti Vice President of Acquisitions. “Our investment strategy at the national level is equally dependent on the strong working relationships we maintain with real estate professionals in the local market.”

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