Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of US$32,075,000 to acquire and oversee the development of a prime parcel of land in Miami, Florida. Together with its developer partner, PMG, the firm intends to develop the land into a mixed-use multi-family residential building consisting of over 220 rental units and more than 35,000 square feet of retail.
The site is located along NW 2nd Avenue and NW 25th Street, in the heart of Miami’s trendy Wynwood neighbourhood. A former industrial warehouse district situated north of Downtown Miami and near the Central Business District and Miami Beach, Wynwood has undergone significant transformation in recent years. Home to one of the largest international open-air street art installations, Wynwood has established itself as a premiere destination for arts, culture and innovation through its thriving art scene, dynamic retail and dining options, and growing hub of start-up and creative businesses.
The Wynwood project is the latest addition to Greybrook’s growing portfolio of social living and co-living multi-family rental developments in the U.S. with PMG as developer partner. Once completed, the project is expected to add to the neighbourhood a thoughtfully designed eight-storey residence featuring rental units ranging from unfurnished private residences to furnished “rent-by-bedroom” co-living suites. The project is also expected to feature an extensive amenity package, including a rooftop restaurant and outdoor space, and street level retail. As part of Greybrook and PMG’s social living platform, a key component of the resident experience will be the ongoing event programming and seamless technology that enables residents to manage all aspects of life at home.
“We believe the development’s social living and co-living offering is a solution to the housing affordability challenges faced by a growing demographic of renters across many large U.S. urban centres like Miami,” said Peter Politis, CEO of Greybrook Realty Partners. “Faced with rising housing costs, flat wage growth and changing lifestyle preferences, our turnkey rental options coupled with premium lifestyle amenities and curated programming deliver an attractive value proposition to residents and a strong investment opportunity for our investors.”
“We have a longstanding partnership with Greybrook Realty Partners, and are looking forward to bringing our first Wynwood project to market together,” said Ryan Shear, Managing Partner of PMG. “Wynwood is one of the most walkable and vibrant areas in Miami, and is primed for new development. It is the perfect location for our latest project as we expand throughout South Florida and beyond.”
The development will be Greybrook’s third investment in PMG’s social living platform and follows the Las Olas development in Fort Lauderdale and the 400 Biscayne development in Downtown Miami, both currently under construction.