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

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.

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

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.

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/

$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

Mattoni zeroes in on multifamily projects in West Miami

Mattoni Group, a Miami-based real estate investment firm, is planning to deliver the first of its three planned multifamily projects in West Miami, The Real Deal has learned.

Soleste West Gables, at 2101 Ludlam Road, will be opening Sept. 1, Ricardo Caporal, founder and president of Mattoni Group, told TRD.

The project will have 206 apartments, with an average of 937 square feet for each unit. Rental rates will range from $1,525 to $2,760.

Mattoni is also planning two additional multifamily buildings: Soleste Prado, which will open in the early fall of 2016; and Soleste West Gables 2, which will open in the spring or summer of 2017.

The firm is partnering with Estate Investments Group and Fortune Capital Partners for all three projects.

Soleste Prado, at 950 Southwest 57th Avenue in West Miami, will have 194 apartments, with an average of 858 square feet. Prices are not yet available, Caporal said.

Soleste West Gables 2, at 2200 Ludlam Road in West Miami, will have 200 apartments, with an average of 877 square feet. Prices for that project are also not yet available.

The architect for all three buildings is Caymart Design. Each is ground-up construction, Caporal said.

The partners bought all the sites as distressed properties, he told TRD. The properties were purchased for an average price of about $6 million each, he said.

Caporal said he expects prospective tenants of the multifamily buildings to be young professionals and working families: “People who want a great product that is near Coral Gables, but don’t want to pay that [Coral Gables] price,” he said.

Mattoni Group, a private equity firm, has focused on multifamily projects from Florida to North Carolina, and plans to invest in hotels in the Caribbean, Caporal said. The company recently launched another multifamily project in Brandon, Florida.

Early this year, Mattoni bought the ground floor retail space, totaling 11,000 square feet, at 1010 Brickell Avenue, and is planning to lease it out to as many as three tenants, with asking rents from $100 per square foot to $150 per square foot. The 50-story condominium with 387 units, under development by 13th Floor Investments and Key International, is expected to be completed in 2017.

Unlike many other real estate firms, Mattoni has not developed condominiums.

“There’s more flexibility and optionality with multifamily: you can build it, sell it, refinance it, rent it.” Even in troubled economic times, “you can lower rents but still rent it.” Caporal said. “For us, it’s more about steady growth.”

Mattoni zeroes in on multifamily project

 

Mattoni Group and Fortune Capital Partners Gables Prado Groundbreaking Ceremony

Mattoni Group and Fortune Capital Partners Gables Prado Groundbreaking Ceremony

by Rachel Mazanec November 25, 2014

Estate Investments Group, Mattoni Group and Fortune Capital Partners, the pioneers of luxury apartment developments in the City of West Miami, hosted a groundbreaking ceremony at Gables Prado to celebrate the commencement of construction. 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.

– See more at: http://miamiagentmagazine.com/mattoni-group-fortune-capital-partners-gables-prado-groundbreaking-ceremony/#sthash.PmNjq9uf.dpuf