Apartment

Respark Residential purchases apartment building in Wynwood Bay

[ad_1]

Nicolas Weinstein, President of Respark Residential and CEO of Alta Developers Raimundo Onetto (Berkadia, LinkedIn via Onetto, Respark)

A Fort Lauderdale-based multi-family real estate investment company has given up $ 67 million for a 156-unit apartment building bordering two of Miami’s hottest neighborhoods.

Respark Residential, headed by President Nicolas Weinstein, has acquired Wynwood Bay, a 19-story skyscraper located at 2500 Biscayne Boulevard, between Edgewater and Wynwood, according to a press release. Both areas are seeing a wave of new condo and apartment projects by big developers such as Melo Group, Kushner Companies and Bel Invest, among others.

The seller is Alta Developers, a Miami-based company led by director and CEO Raimundo Onetto, who partnered with New York-based Greystone to develop Wynwood Bay seven years ago. After acquiring the site in 2014 for $ 10 million, the joint venture completed the building in 2017, according to records.

In 2018, Greystone sold its stake in the property to Alta Developers, which refinanced the mixed-use rental tower. That same year, New York-based Infinity Real Estate paid $ 7 million for the 13,000-square-foot commercial component of the building as part of a separate deal, according to the records.

For the latest sale, a Berkadia team led by Roberto Pesant and Jaret Turkell marketed the property for Alta Developers. Laura Beaton, also with Berkadia, arranged the funding on behalf of Respark Residential, the statement said.

The new owner plans to add equipment to the interior of the unit and to the common areas, according to the press release. Wynwood Bay rents range from $ 2,000 to $ 3,700 per month, Turkell said.

The multi-family building received around 10 bids, Turkell added. “It’s a skyscraper with great views at the intersection of Wynwood, Edgewater and the Design District, one of the hottest places in the country,” Turkell said via email.

Wynwood Bay apartments have high ceilings, floor-to-ceiling windows, open-plan kitchens and large balconies and terraces, he said. Units range from 715 square feet of one-bedroom apartments to 1,284 square feet of two-bedroom apartments, according to the release.

Amenities include a rooftop pool with private cabanas, a health and wellness center, a sun deck with panoramic views of the Miami skyline and Biscayne Bay, as well as an entertainment lounge and residents.

Over the summer, Infinity Real Estate and Arch Companies announced a partnership to develop a mixed-use project with 250 residential units at 2501 Biscayne Boulevard, across from Wynwood Bay.

Recently, Chicago-based Trilogy Real Estate Group paid $ 12.5 million for a potential development site in an opportunity area at 169 Northeast 27th Street and 2728 Northeast Second Avenue, as well as for the vacant land adjacent to the 166 Northeast 28th Street. Miami-based Stripey Development planned to redevelop the properties into an 18-story mixed-use tower with shops on the ground floor, offices and 12 floors of condos.

About five blocks from Wynwood Bay, Kushner Companies and PTM Partners are planning a 1,300-unit multi-family phased project at another Opportunity Zone property at 2000 Biscayne Boulevard.

In Wynwood, Bel Invest and Diesel announced last month that their partnership is launching sales of the fashion brand’s first condo project, a 159-unit building at 148 Northwest 28th Street called Wynwood Diesel Condominium.

[ad_2]
Source link