Mattoni Group and The Estate Group Break Ground On Latest Venture in Blue Lagoon

Miami, Fl – September, 2017

Mattoni Group, Fortune Capital and The Estate Group have officially broken ground on Soleste Blue Lagoon, a luxury rental community in the heart of Blue Lagoon Miami minutes away from Coral Gables, Miami International Airport and downtown Miami.

The 330-unit luxury class A rental community will be comprised of an 8-story apartment building totaling approximately 222,210 square feet of rentable space. Community amenities boast easy access to public transportation, restaurants and shops, resort style swimming pool, spacious beachfront sun deck, private cabanas, resident lounge and cyber cafe.

The project will feature well-appointed studios as well as one-, two- and three-bedroom units in a variety of floor plans ranging from 394 to 1,073 sq. ft. Additionally, the gym will include a world class fitness studio with club quality equipment, WiFi throughout, 24-hour emergency maintenance, and garage parking with controlled access

Soleste Blue Lagoon is the fourth partnership between Mattoni Group and The Estate Group shifting the Blue Lagoon and West Miami area, including the recently sold Soleste Club Prado and Soleste West Gables. The project has an anticipated completion date for Q2 of 2019.

 

About Mattoni Group: (MG) is a forward-thinking, vertically integrated real estate investment and management firm headquartered in Miami with a growing portfolio of residential and commercial properties across the region and more than two decades of combined experience in the real estate industry – including property acquisition, construction, management and financial analysis. For more info please visit www.mattonigroup.com

 

About Estate Investments Group, LLC: (EIG) A full service, vertically integrated real estate investment, development and construction team leveraging 100+ years of managing client relations in the Florida market.  Please visit www.eigfl.com .

 

Miami’s Soleste Club Prado Sold for $61M

Soleste Club Prado, a new luxury midrise building located at the northwest edge of Coral Gables, FL, was acquired by Denver-based Grand Peaks for $61 million. The eight-story, 196-unit multifamily tower was developed on a 1.8-acre site at 950 Red Rd. in West Miami.

The first residents took occupancy in June 2016, and the building was 95% leased at the time of sale. Units at Soleste Club Prado feature top-of-market interior finishes, including porcelain flooring throughout the living areas, modern white cabinetry, Kenmore stainless steel appliances, and quartz countertops.

Cushman & Wakefield’s Robert Given, Zachary Sackley, Troy Ballard and Neal Victor negotiated the disposition on behalf of a joint venture of the Florida-based Estate Investment Group, Mattoni Group and Fortune Capital Partners.

“Soleste Club Prado is the first midrise, Class A multifamily property to transact in South Florida in nearly a year,” said Given.

Miami’s Soleste Club Prado Sold for $61M

Apartment building in red-hot neighborhood sells for $61 million

A 196-unit apartment building in West Miami has sold for a record $61 million, continuing the tiny neighborhood’s trend of surging property values and interest from institutional investors.

Soleste Club Prado, an eight-story, 196-unit building at 950 Red Road just west of Coral Gables, was completed in 2016 by developers Estate Investment Group (Estates), Fortune Capital Partners and Mattoni Group. The building offers one, two and three-bedroom units ranging in rent from $1,680 to $3,475 and is 95 percent leased out.

The sales price for the 168,872 square-foot building works out to $360 per square foot.

The buyer was Grand Peaks Properties, the Denver-based parent of the national apartment management company Grand Peaks Property Management, which operates five other South Florida rental residential buildings in South Miami, Doral and Plantation.

“The potential we saw in West Miami is being fulfilled,” Estate principal Robert Suris said in a statement. “The project’s proximity to some of Miami’s most popular destinations and its premium design and amenities made it a natural choice, both for buyers like Grand Peaks, and today’s ultra-discerning renters.”

Although it takes up less than one square mile and has one of the smallest tax bases in the county, West Miami had the biggest surge in property values in Miami-Dade in 2017 — 28 percent. New construction rose to $55 million and existing property grew by 13 percent.

The previous West Miami record was set in August 2016, when the Chicago-based real estate investment and property management firm Waterton paid $57.4 million for Soleste West Gables, a seven-story, 206-unit building at 2101 Ludlam Rd.

Estate has six other multi-family buildings in development through Miami-Dade.

http://www.miamiherald.com/news/business/real-estate-news/article155170559.html

Development Partnership Sells Apartment Community in West Miami for $61M

WEST MIAMI, FLA. — A partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group has sold Soleste Club Prado, a 196-unit apartment community located at 950 Red Road in West Miami. Grand Peaks purchased the property for $61 million. The development partnership recently delivered the asset, which comprises one-, two- and three-bedroom units commanding rental rates from $1,680 to $3,475 per month. Community amenities include a pool with spa, sundeck and private cabanas, outdoor kitchen and bar, resident lounge, kids gaming zone, rooftop serenity garden, fitness studio and a parking garage. Robert Given, Zachary Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction.

 

Development Partnership Sells Apartment Community in West Miami for $61M

Miami firms sell Tampa-area rentals for $49.7M

Adler Group and Mattoni Group sold the 250-unit complex in Riverview

Two Miami-based firms, Adler Group and Mattoni Group, sold a 250-unit, Tampa-area rental apartment complex for $49.7 million.

PASSCO Companies, LLC, bought the Pearce at Pavilion Apartments for about $200,000 per unit, a record per-unit price in the Tampa-area market, according to Adler and Mattoni.

“We are proud to have participated in the land acquisition, development, construction, lease up and exit of this project,” Michael M. Adler, CEO of Adler Group, said in a prepared statement.

The Pearce at Pavilion Apartments “filled a void in the Tampa submarket by providing unparalleled apartment residences and amenities,” Adler said.

The apartment property, which has a 93 percent occupancy rate, is located at 3603 Pavilion Palms Circle in Riverview, a 10-minute drive from downtown Tampa.

Monthly rents range from $1,249 to $2,019, and the property’s one-, two- and three-bedroom apartments range in size from 737 square feet to 1,280 square feet.

Common-area amenities at the Pearce at Pavilion Apartments include a clubhouse, spa and swimming pool, cabanas, and an outdoor kitchen and living room, plus a Wi-Fi lounge, media room and fitness center with on-demand yoga and spin classes.

Recently built apartment complex sold to investor

The recently completed Soleste West Gables mid-rise apartment complex in West Miami was sold to a Chicago-based investor for $57.4 million.

Gables Gate Tower, a partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group, sold the 206-unit building at 2101 S.W. 67th Ave. (Ludlam Road) to Chicago-based Waterton. The apartments started leasing on the 2.1-acre site in September 2015.

The price equated to $278,000 per unit.

“We saw West Miami as a natural westerly extension of Coral Gables and an untapped paradise for institutional investments,” said Robert Suris, principal of Estate Investments Group. “The area had been entirely overlooked for years and now this transaction elevates the West Miami community to the level of development happening in Doral, Dadeland, Coral Gables and South Florida’s other top markets. Our tenants are largely young professionals with high levels of disposable income and we are confident the combination of strong demand and an exquisite product will drive interest and accelerate the market’s growth even further.”

Estate Investments Group, Fortune Capital Partners and Mattoni Group are also building the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View in the West Miami area.

“Soleste West Gables presented us an opportunity to acquire a Class-A new construction community at an attractive basis in a centrally located submarket poised to experience meaningful growth,” said Justin Maturo, Waterton’s assistant vice president of acquisitions. “The property’s location in West Miami offers convenient access to several of the area’s largest employment centers, shopping and entertainment districts and key transportation nodes, making it an ideal option for today’s renter.”

Wateron holds a $4 billion commercial real estate portfolio.
http://www.bizjournals.com/southflorida/blog/morning-edition/2016/08/recently-built-apartment-complex-sold-to-investor.html

$57.4 million apartment sale sets record in booming West Miami

A mid-rise, luxury apartment building in the tiny city of West Miami sold for $57.4 million Wednesday, marking a new hotspot of rising rents and booming property values in Miami-Dade County real estate.

The sales price equates to $278,000 per unit, a record for an area of mostly single-family homes that hasn’t seen new multi-family construction in decades, said Robert Suris, principal of developer Estate Investments Group. The seven-story project at 2101 Ludlam Rd., Miami, is called Soleste West Gables and opened last August. It offers 206 one-, two- and three-bedroom units that rent between $1,600 and $2,800 a month, as well as amenities including a pool, cabanas, gym and entertainment room.

The buyer is Waterton, a Chicago-based real estate investment and property management firm.

“Soleste West Gables presented us an opportunity to acquire a Class-A new construction community at an attractive basis in a centrally located submarket poised to experience meaningful growth,” Waterton said in a statement. “The property’s location in West Miami offers convenient access to several of the area’s largest employment centers, shopping and entertainment districts, and key transportation nodes making it an ideal option for today’s renter.”

West Miami — where Marco Rubio lives and once served on the city council — takes up less than one-square mile west of Coral Gables between Southwest 57th and 67th avenues. Its population of roughly 7,000 is 90 percent Hispanic, according to U.S. Census figures.

The city is growing fast: Property values in West Miami surged to $368 million in 2016, up 15 percent from 2015, according to the Miami-Dade County Property Appraiser. That was the third-highest rate of growth in the county after North Miami Beach and North Bay Village. By one measure, West Miami also saw the most new construction in Miami-Dade: Its $28 million worth of new building equaled 9 percent of its tax roll from the previous year, the highest share of any city.

Rents are also going up faster than anywhere else in the county. In the West Miami/Doral sub-market, rents rose 13.3 percent year-over-year in the first quarter of 2016 to an average of $1,681 a month, according to brokerage Marcus & Millichap.

Suris said cheap land prices, a central location and the local government’s willingness to work with builders make the city a good fit for more development. He sees West Miami as a natural extension of Coral Gables. Real estate website Zillow pegs West Miami’s median home value at $317,000, compared to $442,800 in South Miami and $722,900 in the Gables.

“We saw all of this and we said this neighborhood has been bypassed,” said Suris, whose firm partnered with Fortune Capital Partners and Mattoni Group on the project. “826 and 836 are minutes away, so you can get to the five or six biggest job centers in Dade County,” including Miami International Airport, the health district, downtown Miami, Dadeland, Doral and the industrial area near Hialeah.

Many of the tenants are young professionals and families, Suris said. Their average household income is about $80,000, compared to a city-wide figure of $54,800.

West Miami Mayor Eduardo Muhiña says the new development is benefiting the city without displacing current residents.

“These developments have assisted with infrastructure improvements in our aged water system, resulting in a leak reduction and increased pressure to the properties abutting the developments,” Muhiña wrote in an email. “Also impact fees are already funding new projects that are in the pipeline that include replacement of park equipment, police vehicles, the soon-to-be remodeling of the baseball field and a new wellness center already approved in concept.”

The Soleste West Gables development team is working on four other luxury apartment buildings in West Miami: A 196-unit project that opened in June; a 221-unit project scheduled to open later this summer; a 329-unit project set to break ground in mid-2017; and a 290-unit project that will break ground by the end of 2017.

BY NICHOLAS NEHAMAS
nnehamas@miamiherald.com
http://www.miamiherald.com/news/business/real-estate-news/article92670597.html

Gables Prado To Rise In The City Of West Miami

On Thursday, November 20, 2014, Estate Investments Group, Mattoni Group and Fortune Capital Partners celebrated at the groundbreaking of Gables Prado, a class A luxury apartment community that is the second development of this kind to rise in the City of West Miami. The property is located just west of Coral Gables in West Miami at 950 S. Red Road. The development group is also responsible for the construction of the first luxury apartment residences to exist in the City of West Miami, known as Gables Gate Tower.

“Gables Prado is the beginning of more developments to flourish in the City of West Miami,” said Robert Suris, Principal of Estate Investments Group. “We plan to impact the community in more ways than just building apartments and look forward to continued participation of the rebirth occurring in the City of West Miami.”

Numerous high ranking officials from the City of West Miami were present at the ceremony as were the project’s architect, Ms. Olenia Martin, and numerous other professionals that made Gables Prado a reality.

The architecturally stunning apartment building has 194 residential rental units, offering one, two and three bedroom floor plans, which will include over sized, wrap around balconies, floor-to-ceiling impact resistant windows, covered parking, and 24-hour security. The project, which is a 300,000-square-foot oasis, will offer numerous luxury amenities and services including a majestic swimming pool with cabanas and grilling stations, poolside state-of-the-art fitness center, alluring saunas, luscious raised garden reflection area, and a community recreation center. The apartments will feature 9-foot ceilings with “see through” design and high quality finishes such as porcelain tile floors and premium cabinetry. The incorporation of work/live unit designs into the project will offer residents the unique opportunity to conduct licensed business activities from their residences.

About Estate Investments Group
Robert Suris founded The Estate Companies (TEC) in 2012 as a full-service real estate group, representing the continuation of more than 30 years of real estate investment, development,construction,operation management and marketing experience in the South Florida real estate market. TEC Group focuses on the high-yielding, risk adjusted, development and investment opportunities involving land and residential projects where the principal and officers have been conducting business for over three decades. Strong ties to the community have allowed TEC to develop an unparalleled knowledge of market fundamentals, as well as develop a broad network of industry contacts to source, fund and execute new opportunities. For more information, visit: www.eigfl.com.

About Mattoni Group
Mattoni Group is a forward-thinking, vertically integrated real estate investment and management firm headquartered in Miami, with a growing portfolio of residential and commercial properties across the region. With more than two decades of combined experience in myriad aspects of the real estate industry – including property acquisition, construction, management and financial analysis – Mattoni Group brings a wealth of expertise to every project. As demonstrated by the Company’s outstanding record of successes, the organization possesses the entrepreneurial strategy, skills and resources to minimize competition maximize value and achieve desirable risk-adjusted returns on investments in any market cycle. For more information, visit: www.mattonigroup.com.

About Fortune Capital Partners
Fortune Capital Partners, Inc. (FCP) is a multifaceted, full service real estate company headquartered in Coral Gables, Florida. At its inception in 1998, the company’s operational focus was, and continues to be, on residential multifamily and condominium conversions. Over the past 15 years, FCP has acquired, leased, managed and converted over 9,000 units in South and Central Florida aggregating $1.6 billion in sales revenue. Commencing in 2001 FCP began investing its excess capital with highly qualified developers and operators in commercial, value-add and ground-up developments. Today, FCP’s investment real estate portfolio is comprised of office, hotel, retail and land held for development.

GABLES PRADO TO RISE IN THE CITY OF WEST MIAMI

Gables Prado complex to break ground

The Gables Prado apartment complex is about to break ground in West Miami.

The project, a joint venture between Estate Investments Group, Mattoni Group and Fortune Capital Partners, will include 194 units, according to the South Florida Business Journal.

The developers paid $6 million in July for the property, located at 950 South Red Road, which is just west of Coral Gables.

The official groundbreaking will take place on Nov. 20. [South Florida Business Journal] –Christopher Cameron

http://therealdeal.com/miami/2014/11/12/gables-prado-complex-to-break-ground/Gables Prado complex to break ground

Developer to break ground on 194-unit apartment complex

The Gables Prado apartment complex is set to break ground in West Miami with 194 units on the way.

The project is a joint venture between Estate Investments Group, Mattoni Group and Fortune Capital Partners. They paid $6 million in July for the property at 950 S. Red Road, which is just west of Coral Gables.

The official groundbreaking will take place on Nov. 20 at 2 p.m. at the construction site.

Gables Prado will offer units ranging from one to three bedrooms, with some having wrap around balconies. The 300,000-square-foot building will have covered parking, a pool with cabanas and grills, a fitness center, saunas and a raised garden.

Some of the units will have a live/work design.

The same development team is also building Gables Gate Tower in West Miami.

http://www.bizjournals.com/southflorida/news/2014/11/11/developer-to-break-ground-on-194-unit-apartment.html