The Multifamily Team of Robert Given, Zachary Sackley, Troy Ballard and Neal Victor Secured the Sale of the 196-Unit Luxury Midrise Building
MIAMI, June 8, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Soleste Club Prado, a new luxury midrise building located at the northwest edge of Coral Gables.
Cushman & Wakefield’s South Florida Multifamily Team of 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. The asset was acquired by Grand Peaks for $61 million ($361 per square foot).
Soleste Club Prado is an eight-story, 196-unit multifamily tower developed on a 1.8-acre site at 950 Red Road, West Miami. The average unit in the 168,872-square-foot building is 862 square feet with a market rent of $2,167, or $2.52 per square foot. The first residents took occupancy in June 2016 and the building was 95 percent 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. The expansive amenity package includes a large hotel-inspired pool with spa, sun deck and private cabanas; outdoor kitchen and bar; rooftop serenity garden; and resident lounge with cyber café, business center and demonstrative kitchen.
Located at the virtual epicenter of Greater Miami, Soleste Club Prado is nearly equidistant to every major job center in the area. Coral Gables and Blue Lagoon Office Park are less than three miles away, while strong east/west connectivity makes Brickell and Downtown Miami easily accessible. In total, over 35 million square feet of office is within six miles.
“Soleste Club Prado is the first midrise, Class A multifamily property to transact in South Florida in nearly a year,” said Given “This, as well as other recent Class A transactions we’ve closed or are working on, indicate that the market has stabilized after some buyer hesitation due to a mix of economic uncertainties in the fourth quarter of last year.”
“The property was very well-received in the market due to its central location and because it is equidistant to a selection of key job centers in Miami-Dade County,” added Sackley. “Its position at the corner of Red Road and SW 8th Street and its access to State Roads 826 and 836 allow connectivity to points throughout the region.”
“The design and execution of this development are exceptional and residents are able to enjoy walkable access to restaurants, bars, parks and neighborhood services including a Publix Market only steps away,” said Ballard.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.