Roseline Partners trailblazes a new sales record in commercial real estate
THE REAL DEAL: Roseline Partners closes the $165,000,000 joint venture by and between The Estate Companies (www.eigfl.com) and Westdale Asset Management (www.westdale.com) to build and develop Soleste Westgate, a 529-unit, Class A, luxury apartment community in Lauderhill, FL, on the former Super Target site
By Scott Podvin
September 29, 2021 4:25 p.m.: Roseline Partners, co-founded by Scott Podvin and Antonio Emmanouilidis, closes a joint venture agreement to develop Soleste Westgate, which will be located at 7730 West Commercial Boulevard, Lauderhill, FL, and shall, when built, include 529-units and 844 parking spots located within seven, 6-story, Class A+ luxury apartment towers, a project with an estimated market value in excess of $165,000,000, according to Scott Podvin, a broker on the deal.
The site formerly housed a Target Superstore in Lauderhill. Thus, to proceed with the development plan, the development team sought to amend the land use plan and rezoning application for the 13.7-acre site, which is on the southwest corner of University Drive.
By rezoning the site from “commercial” to “high residential,” the developer will now be permitted to build 529 apartments, ranging from 453 to 1,144 square feet. The project will include 40 studio apartments, 266, one-bedroom units, 194, 2-bedroom units and 44, 3-bedroom units; plus a two-story clubhouse and a pool. According to a report published in 2020 by the Construction Journal, the new community, when built, will have 426,456 square feet of new construction.
Geoff Ardizon at The Estate Companies (Estate) said the amenities would include a fitness studio with a yoga room, a dog park, WiFi lounges, coworking space and a game room.
Estate is a prolific apartment developer, focusing on suburban areas such as West Miami, Hialeah, Hollywood, Palmetto Bay and Lauderhill. Robert Suris is managing principal, and Tony Castro and Geoff Ardizon are principals of the firm. Dallas-based Westdale Asset Management, led by president and CEO #JoeBeard, is a nationwide real estate investment, property management, leasing and construction firm, according to its website. It owns about 200 commercial and multifamily properties in 30 cities with an estimated $6Bn of Assets Under Management.
Westdale, with Roseline Partners as its real estate broker, has purchased four of Estate’s South Florida apartment communities for approximately $325,000,000 in addition to the two joint venture agreements: the $109,000,000 Soleste Hollywood Boulevard and the $165,000,000 Soleste Westgate.