Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins, Brad Williamson and Scott Wadler, and Vice President Hugo Hernandez of Berkadia Miami arranged the financing on behalf of Rental Asset Management, a property management company based in Oakland Park, which acquired the property for $31.1 million.
The project will feature 304 apartments, more than 18,000 square feet of retail, and 63,000 square feet of office space.
The developer recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.
The project consists of 188 rental apartments and 45,000 square feet of office space and retail space.
In the less than 24 hours since Bloomberg first reported the listing, investors from the U.S., Latin America, Europe, the United Arab Emirates and Canada have already expressed interest in acquiring the site.
The properties offer premium positioning across the street from FIU’s main campus.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
The parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings Newgard’s total land investment to $57.5 million.
The Colliers’ Real Estate Development Division – once focused on commercial buildings – is leveraging its extensive expertise in Construction Management to assist condo boards with multi-million-dollar capital improvements and renovations mandated by the Building Safety Act.
JLL Capital Markets brokered the transaction on behalf of the seller, an investment group from South America.
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