Two recently-completed luxury apartment towers in downtown Miami and Overtown are at or near fully leased.
The first, Grand Station Apartments, opened in August 2021 with 300 units.
ROVR Development, the developer of Grand Station, announced last week they secured $95 million in permanent financing for the project from PNC Bank.
All units at Grand Station have been leased, ROVR said.
ROVR developed the project in a partnership with the Miami Parking Authority.
In Overtown, the Soleste Grand Central apartment building was completed late last year with 360 units.
Denver-based Avanti Residential Avanti purchased the property for $181 Million – equal to around $502,700 per apartment, according to a July 11 press release.
Soleste achieved 95% occupancy in just six months, the release said. It is now 98% percent leased, a representative told Commercial Observer.
Grand Station:
Soleste:
(photo: Avanti)