Walker & Dunlop Investment Sales (WDIS) has listed for sale Elan Solea, a luxury garden community in the suburbs of Miami. Still Hunter and Kaya Suarez are lead brokers on the deal on behalf of clients Greystar and The Carlyle Group.
The 359-unit property is valued at approximately $151 million, or $421,000/unit. WDIS asserts that at that price, a buyer’s initial annual yield would be around 5.2%.
Elan Solea is near Interstate 75 and Florida’s turnpike, which connects major employment centers in the area, and Miami International Airport is 10 miles away.
Elan Solea offers one-, two- and three-bedroom units with amenities including a pool with cabanas, fitness and wellness studios, clubhouse, a demonstration kitchen and more. The property is pet-friendly and includes a dog park. Elan Solea is nearly 85% occupied and averages approximately 35 leases per month.
Walker & Dunlop, headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
