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West Miami mid-rise apartment building sells for $57.4M

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That's $278,000 per unit

In West Miami, the Soleste West Gables apartment building recently sold for a record-setting $57.4 million, or $278,000 per unit. The Miami Herald reported that Chicago-based real estate investment and property management firm Waterton purchased the seven-story project at 2101 Ludlam Road.

Opened this last August, the Soleste West Gables features 206 units as well as a pool, gym, and entertainment room. Rents ranged between $1,600 to $2,800 per month.

Because the property is located near several of the area’s largest employment centers, shopping and entertainment districts, Waterton described the property as being in "a centrally located submarket poised to experience meaningful growth."