Tag: Mattoni Group

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.

https://www.connect.media/miamis-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.

Denver firm picks up new West Miami apartments for record $61M

Deal follows the $57M sale of Soleste West Gables, a sister complex, in August

A Denver, Colorado-based multifamily real estate firm just paid $61 million for a newly completed apartment complex in West Miami.

Estate Investment Group, Mattoni Group and Fortune Capital Partners sold Soleste Club Prado at 950 Red Road to Grand Peaks. The eight-story, 196-unit complex sold for $311,000 per apartment and $360 per square foot for the 168,872-square-foot building.

The deal marks a new record for the small city just northwest of Coral Gables, and follows the $57 million sale of Soleste West Gables, a sister complex, in August. That sale broke down to about $279,000 per unit, a difference of about 11.5 percent.

Cushman & Wakefield’s Robert Given, Zachary Sackley, Troy Ballard and Neal Victor were the listing brokers.

Soleste Club Prado is about 95 percent leased, according to a press release. The average unit spans 862 square feet and rents for $2,167 a month, or $2.52 per square foot. The developers completed the building about a year ago.

Units feature porcelain floors, modern cabinets and quartz countertops. Amenities include a pool with a spa, sun deck and private cabanas; an outdoor kitchen and bar; a rooftop garden; a lounge with a business center and a demonstrative kitchen, according to the release.

When it hit the market earlier this year, Given told The Real Deal that he expected Soleste Club Prado to trade for 15 to 20 percent more than Soleste West Gables due to higher rents and a better location.

Estate Investment Group is also working on Soleste West Gables II, a 221-unit luxury apartment building nearby.

“The location on Red Road is significantly more attractive than the first location,” Given said. “It’s more identifiable, so I think it’s going to be much more attractive just from the general charactistics of the real estate.”

Given also said that the project pulls from “employment drivers along the Biscayne corridor and downtown Miami, Airport West and Blue Lagoon. Publix recently closed on the purchase of a nearby West Miami location  at 1500 Red Road for $23.2 million.

Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed.

The August sale of Soleste West Gables to Chicago-based Waterton opened the door to other institutional buyers in West Miami, Given previously said.

Given could not immediately be reached for comment.

https://therealdeal.com/miami/2017/06/08/denver-firm-picks-up-new-west-miami-apartments-for-record-61m/

Passco Purchases Apartment Property in Metro Tampa for $49.7M

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

Passco Purchases Apartment Property in Metro Tampa for $49.7M

Publix buys West Miami store from Brandon Partners for $23M

Publix just closed on the purchase of a new West Miami location for $23.2 million, according to data from Real Capital Analytics. 

Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed. The deal, which has not yet cleared public records, was first reported by the South Florida Business Journal.

The 110,905-square-foot building was completed last year and includes parking on the second and third floors and a 41,000-square-foot Publix. It sold for $210 per square foot for the entire building, and about $565 per square foot for the grocery store.

Imperial Orion LLC, an affiliate of Brandon Partners, paid $4.6 million for the 1.9-acre property in 2013. The commercial real estate firm built the store to sell it to Publix, a deal that closed on Wednesday. No brokers were involved in the deal, Brandon said.

West Miami, a 0.7-square-mile city west of Coral Gables and east of Westchester, recorded its biggest deal ever last year when a new apartment complex sold for $57.4 million. Chicago-based Waterton bought Soleste West Gables, a 206-unit complex at 2101 Ludlam Road, in September for about $279,000 from Estate Investments Group, Fortune Capital Partners and Mattoni Group. The developers have more multifamily projects in the works, and expect to more than double West Miami’s property values by 2019.

A CVS-leased building at 2393 Southwest 67th Avenue, also in West Miami, traded hands in July for $12.5 million.

Publix has been acquiring more of its stores over the last few years. Earlier this month, a joint venture between grocer and Echo Realty paid $29.6 million for Pompano Plaza, a Publix-anchored shopping center in Pompano Beach.

Neighbors want Miami commission to scuttle part of Avra Jain and Mattoni’s Bayside Motor Inn redevelopment

UPDATED May 9, 6:15 p.m.: Miami activist Elvis Cruz and the Morningside Civic Association are hoping to put the kibosh on Avra Jain and the Mattoni Group’s plans to demolish a building tied to the redevelopment of the Bayside Motor Inn site.

Cruz and the association are asking the Miami City Commission to overturn a February vote by the Miami Historic and Environmental Protection Board that authorized tearing down a 6,430-square-foot structure at 5125 Biscayne Boulevard.

The appeal was scheduled for the commission’s planning and zoning agenda on Thursday, but it has been pushed back to May 25.

The developer 5101 RE CO LLC, a partnership between Mattoni Group and Avra Jain, wants to replace the existing building with a new three-story building totaling 18,994 square feet that would have ground floor retail and offices on the top two floors. The board also approved the renovation of the three-story hotel at 5101 Biscayne Boulevard. Both parcels are located next to one another in Miami’s MiMo neighborhood.

“Avra Jain has an amazing track record at preserving and redeveloping in the MiMo Historic District,” said 5101 RE CO lawyer Iris Escarra. “Mr. Cruz’s appeal, in our opinion, is unwarranted and violates the settlement agreement entered into in 2014 when Avra agreed to build in accordance with the current regulations and give up the 8 Story vested project.”

In an email, Cruz said he was too busy to comment immediately.

At the February preservation board meeting, Jain also explained to the board members that the 5125 building had sustained significant fire, water and termite damage, necessitating the teardown. “I can tell you without a doubt that the building is not worth saving,” she said at the time.

Jain bought the properties in 2013 and sold them in June of last year for $4.05 million to Mattoni Group’s 5101 RE CO, but has remained on board as a co-developer. The Bayside Motor Inn was built in 1952 and has 40 rooms in a 13,511-square-foot building. The partnership plans to convert the ground floor into restaurants, enhance the courtyard and keep a small number of hotel rooms on the second floor.

Soleste Club Prado Video look

Take a look inside one of our residential projects, Soleste Club Prado in West Miami offering luxury residences for rent in the heart of West Miami- minutes from Coral Gables, Coconut Grove and Downtown Miami.

With state of the art amenities and finishes, Soleste Club Prado bring you the style and conveniences of urban living while maintaining the essence of a boutique neighborhood.

Soleste Club Prado is an eight-story, mid-rise multifamily asset completed in 2016. The 196-unit community offers a mix of one-, two- and three-bedroom units. The average unit is 862 square feet. The average market rent is $2,170 ($2.52 per square foot). The property is currently 80 percent leased.

Soleste Club Prado has an expansive amenity package and caters to a wide variety of residents ranging from young professionals to families who seek an upscale lifestyle. Community features include a hotel-inspired pool with spa, sun deck, and private cabanas; outdoor kitchen and bar; resident lounge complete with cyber café, business center and demonstration kitchen; kids gaming zone; rooftop serenity garden; state-of-the art health and fitness club, high-tech cardio equipment and free weights; Fitness On Demand, yoga and spin studio; dry sauna and steam room; and controlled-access garage parking

“Soleste Club Prado is located in a community steeped in rich Miami culture and near the historic Biltmore Hotel. The dynamics of the location will appeal to investors from New York and around the globe. We are anticipating significant interest.” Robert Given, Cushman + Wakefield

For the full article and more info : www.meyer.media/2017/01/27/cushman-wakefield-selected-market-soleste-club-prado/

Avra Jain, Mattoni Group’s plans for the Bayside Motor Inn in MiMo move forward

The Miami Historic and Environmental Preservation Board signed off on Tuesday on redevelopment plans for the Bayside Motor Inn, a shuttered hotel in the city’s MiMo neighborhood.

A partnership between the Mattoni Group and Avra Jain plans to convert the property into a mixed-use site with retail, restaurants and offices.

The historic preservation board granted a request by 5101 RE CO LLC, a company owned by Mattoni Group principal Ricardo Caporal, to demolish a 6,430-square-foot building on the northern part of the property at 52nd Street and Biscayne Boulevard. 5101 RE CO wants to replace it with a new three-story building totaling 18,994 square feet that would have ground floor retail and offices on the top two floors. The existing three-story hotel on the southern part of the property at 5101 Biscayne Boulevard will be preserved.

“Having been involved in MiMo, this is an opportunity to create things people have asked for,” Jain told the board members. “We have put down an ambitious project within the constraints of MiMo standards.”

Built in 1952, the Bayside Motor Inn has 40 rooms in a building totaling 13,511 square feet. Under its plan, 5101 RE CO would convert the ground floor into restaurants, enhance the courtyard and keep a small number of hotel rooms on the second floor. The project also includes 60 parking spaces, of which 37 are underground. Jain sold the site to 5101 RE CO for $4.05 million in June of last year.

During the hearing, MiMo Biscayne Association President Deborah Stander questioned whether the demolition of the northern building was really necessary. “Our main concern is really primarily questioning if the demolition was unavoidable,” Stander said. “I believe there is legitimate concern whether that north wing should be demolished.”

Jain told the board that the northern building had sustained significant fire, water and termite damage, necessitating the teardown. “I can tell you without a doubt that the building is not worth saving,” she said.

https://therealdeal.com/miami/2017/02/08/avra-jain-mattoni-groups-plans-for-the-bayside-motor-inn-in-mimo-move-forward/