Toronto-based asset management firm Greybrook Realty Partners Inc. has closed a deal that will allow it to purchase land in Miami.
The company closed an equity investment by its managed issuer of $32,075,000 and will use that funding to buy the site, located along NW 2nd Avenue and NW 25th Street in the Wynwood neighbourhood.
Greybrook’s intention is to construct a mixed-use multi-family residential building consisting of over 220 rental units and more than 35,000 square feet of retail. It is working with its developer partner PMG on the project.
The eight-story residence will feature rental units ranging from unfurnished private residences to furnished “rent-by-bedroom” co-living suites. It will also include a rooftop restaurant and outdoor space, and street level retail.
Greybrook and PMG promise there will be ongoing event programming for the residents 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 Greybrook CEO Peter Politis.
“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.”
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.
“We have a longstanding partnership with Greybrook Realty Partners, and are looking forward to bringing our first Wynwood project to market together,” said PMG managing partner Ryan Shear.
“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.”