A trio of investors, Florida-based Estate Investment Group, Mattoni Group and Fortune Capital Partners have closed on the disposition of the recently completed Soleste Club Prado. The buyer, Denver-based Grand Peaks, paid $61 million for the eight story, 196 unit multifamily tower developed on a 1.8-acre site at 950 Red Road in Coral Gables. Community amenities includes a pool with spa, sun deck and private cabanas, resident lounge cyber café, and demonstration kitchen. The first residents took occupancy in June 2016 and the building was 95 percent leased at the time of sale. Cushman & Wakefield’s South Florida Multifamily Team represented the three sellers during the transaction. “Soleste Club Prado is the first midrise, Class A multifamily property to transact in South Florida in nearly a year,” said Given, who said it illustrates improved investment conditions. “The market has stabilized after some buyer hesitation due to a mix of economic uncertainties in the fourth quarter of last year.”
