Waterton Acquires 221-Unit Apartment Community in West Miami
CHICAGO / MIAMI (Oct. 23, 2017) – Waterton, a U.S. real estate investor and operator, today announced it has acquired Soleste West Gables Phase II, a 221-unit Class A rental community located in West Miami, Fla. The property is located adjacent to an existing Waterton-owned property, District West Gables Phase I. Together, the combined properties will be known as District West Gables.
Located at 2001 Ludlam Road, the acquired property is an eight-story mid-rise completed in October 2017 by a joint venture led by Miami-based Estate Investments Group, LLC – the same partnership that developed District West Gables Phase I in 2015.
“West Miami remains poised to benefit from the continued growth occurring in Miami-Dade County due to its central location,” said Justin Maturo, vice president of acquisitions at Waterton. “Furthermore, the acquisition of Phase II significantly increases the overall amenity space offered to our residents, which will allow both properties to retain their competitive position in the marketplace.”
Apartments feature finishes consistent with today’s Class A new construction, including tile flooring; gourmet kitchens with granite countertops, stainless steel appliances and tile backsplashes; and in-unit laundry. Additionally, all units feature either private terraces or balconies.
The community’s extensive amenity package includes a resort-style swimming pool and sun deck with cabanas; resident lounge with cyber café; fitness center with club-style equipment; yoga studio; movie theater; children’s playroom; and controlled-access parking garage. The construction of Phase II also included an outdoor courtyard located between the two buildings, which provides shared access to each building’s garage and offers residents an outdoor dog park and children’s play area.
“We are excited about the acquisition of Phase II and look forward to further enhancing the experience for our residents,” said Maturo.
In addition to the amenities, residents will have access to a host of services, beginning with move-in help from Digital Waterton Concierge. Package receiving, online rent payment and 24-hour emergency maintenance also are available.
District West Gables is located nearly 7 miles west of downtown Miami and 3 miles west of downtown Coral Gables. The central location within Miami-Dade County offers residents convenient access to nearby transportation and employment centers, including the University of Miami and Miami Children’s Hospital, as well as numerous restaurants, shops and recreational amenities. The property is a mile east of State Road 826, which is a primary north-south thoroughfare that connects to some of South Florida’s key highways including State Road 836 (known locally as the Dolphin Expressway), Interstate 95 and Florida’s Turnpike.
For more information on District West Gables, call (305) 982-8073 or visit www.districtwestgables.com.
About Waterton:
Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Since its formation, the company has acquired over $7.0 billion in real estate assets. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of June 30, 2017, Waterton’s portfolio includes approximately $3.4 billion in real estate assets, including 41 multifamily investments totaling approximately 14,000 units and 9 hotels with more than 2,500 rooms. Visit Waterton’s website: www.waterton.com.
About Estate Investments Group, LLC:
Estate Investments Group, LLC (EIG) is a full service, vertically integrated real estate investment firm combining proprietary acquisition, entitlement, design, development, general contracting and property management functions. Currently focusing on multifamily development, EIG has completed and sold over $200 million in residential real estate assets in the past two years with another $400+ million in multifamily assets in different stages of its pipeline. For more information on future projects, please visit http://www.eigfl.com/.
