Roseline Partners Brokers Sale of $325mm Multi-Family Apartment Portfolio in South Florida
Updated: Aug 6, 2021
Roseline Partners brokered the $52mm sale of The Estate Companies newest luxury apartment building, Soleste Bay Village in Palmetto Bay located at 18301 South Dixie Highway to Westdale Real Estate Investment and Management. The sale of the 213-unit apartment community on 2 acres breaks down to $273,468 per unit.
Roseline Partners served as “transaction brokers” to both Westdale Real Estate Investment & Management Co. and The Estate Companies ("Estate").
Estate is a prolific apartment developer, focusing on suburban areas such as West Miami, Hialeah, Hollywood and Palmetto Bay who has developed most of its multifamily projects under the Soleste brand.
Dallas-based Westdale Real Estate Investment & Management Co, led by president and CEO Joe Beard is a nationwide real estate investment, property management, leasing and construction firm, according to its website -- https://www.westdale.com/index.aspx. Westdale owns approximately 200 commercial and multifamily properties, including more than 40,000 apartment units, in 30 cities.
Roseline Partners retained by Westdale to prepare a comprehensive financial model of the Soleste Portfolio, including Soleste Twenty2, Soleste Alameda, Soleste Blue Lagoon and Soleste Bay Village. Based upon the financial model and comprehensive market study prepared by Roseline, Westdale, by and through Westdale Asset Management, has already purchased three of Estate’s South Florida apartment communities.
In April, Westdale, with Roseline Partners, as the transaction broker, bought the 338-unit Soleste Twenty2 for $97 million. In June, with Roseline Partners assistance, Westdale bought the 306-unit Soleste Alameda in West Miami for $82.9 million. Finally, in mid August, Westdale will be closing on Soleste Blue Lagoon, a 300-unit apartment community, for $93,834,183. Thus, Roseline Partners, as of mid-August, brokered the sale of the Soleste portfolio for approximately $325,735,000.