Denver-based Avanti Residential has acquired Soleste Grand Central, a relatively new 360-unit luxury apartment building in Overtown that held its grand opening to great fanfare in November 2021.
Avanti purchased the Class A multi-family community at 218 NW 8th St. for $181 million from The Estate Companies.
Located within the boundaries of the Southwest Overtown/Park West Community Redevelopment Agency (SEOPW CRA), the building dedicates 80 of its 360 homes – 36 studios, 30 one-bedroom/one-bathroom and 14 two-bedroom/two-bathroom residences – 60% of the region’s median income, which is $37,980 for one person and $54,240 for a family of four. The AMI for Miami-Dade County is $61,000.
“Someone at 60% AMI could pay $1,200 a month and live next door to someone paying $2,5000 to $3,000,” SEOPW CRA executive director James McQueen told The Miami Times in December 2021.
“If you walk into someone’s apartment at 60% AMI, they have the same cabinets, the same amenities. You couldn’t tell the difference [between workforce housing units and those at market price]“, added McQueen.
Unlike households with an income at or below the poverty line, labor housing is generally defined as affordable housing for middle-income service workers such as police officers, teachers, firefighters and the nurses.
When asked why only 20% of the building had been allocated for workforce housing, District 3 County Commissioner Keon Hardemon said it was a compromise to bring a mix of income in Overtown. The developers agreed not to keep the building only at market price because the ARC lobbied for it – allowing district residents with viable wages to be able to afford the cost.
“Soleste Grand Central fits perfectly with our investment strategy of acquiring forward-thinking, multi-family communities in prime locations,” said Christian Garner, president and CEO of Avanti Residential, in a statement. press announcing the acquisition.
On-site amenities include a fourth-floor resort-style pool and deck with shaded cabanas, a fitness center, yoga and spin studios, and a lounge. The resort also has a business center that includes individual coworking spaces and a conference room. Other amenities include bike and repair storage, Bark park and pet wash station, organized club room, cafe and game lounge.
The acquisition is Avanti’s fourth investment in Florida in the past year, following major purchases in Boynton Beach, Doral and St. Petersburg. The company has now invested nearly $500 million in the state and continues to actively seek select Class A apartments in this and other key target markets nationwide.
Soleste Grand Central is located in an Opportunity Zone, an area designated as economically distressed where investment is encouraged through tax breaks.
Brian Zeltsman, director of architecture and development at SEOPW CRA, told the Miami Times last year that developers PTM Partners LLC and Estate Investments Group gave the agency $3 million for the vacant land – a price which he said was less than it was worth – on the condition that the units be reserved for people in the neighborhood who match AMI. In addition to land sold at a reduced rate, developers have benefited from tax relief.