WeWork co-founder Adam Neumann acquired 50% of an apartment complex in Wynwood through his Miami-based development firm.
Bisnow/Chloe Gallivan
Flow Wynwood, formerly Society Wynwood, at 176 NW 25th St.
Flow bought out Property Markets Group‘s stake in its Society Wynwood building and now co-owns it with Greybrook. It plans to rebrand it to Flow Wynwood, the Miami Herald reported.
PMG and Greybrook finished the 318-unit building at 176 NW 25th St. in 2024. It has units ranging from studios to three bedrooms between 350 SF and 1,430 SF, according to Apartments.com.
Flow’s website shows apartments at the building listed for between $2,405 and $5,825 a month.
It is unclear how occupied Society Wynwood was at the time of the sale, but it was offering concessions of up to two months free, according to its Instagram page.
PMG declined to comment. A representative for Flow didn’t respond to a request for comment.
FINANCING
Catalfumo Cos. landed a $401M condo inventory loan from Northwind Group to finish The Ritz-Carlton Residences, Palm Beach Gardens, according to a release.
Berkadia’s Scott Wadler, Michael Basinski, Mitch Sinberg, Matthew Robbins and Brad Williamson brokered the deal on behalf of Catalfumo.
The 106-unit condo will span three seven-story buildings with an expected completion by this summer. Units range from 3,400 SF to more than 6,500 SF, with pricing starting at $4M.
Residents will have access to a 29-slip marina, a pickleball court, a dog park and spa, private dining rooms, a wellness center, guest suites and a children’s club.
SALES
The Church of Jesus Christ of Latter-day Saints bought a 456-unit apartment complex in Boca Raton for $240M from an affiliate of Cortland Partners, according to property records provided by Vizzda.
The buyer was an entity tracing to The Church of Jesus Christ of Latter-day Saints, which invests in real estate through its Property Reserve fund. The property at 20927 95th Ave. S. was built in 2020 and last traded in 2021 for $230M.
The apartments, dubbed Cortland Uptown Boca, span 392K SF across eight buildings.Â
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An entity tracing to Bowery Properties purchased a 12-building apartment complex in Miami from Grand Peaks for $65M, according to property records provided by Vizzda.
Bowery Properties assumed two of the seller’s Freddie Mac-backed loans totaling $57M. The first was a $40M loan from JPMorgan Chase, and the second was a $17M loan from JLL Real Estate Capital, Commercial Observer reported.
The 264-unit complex at 10605 Hammocks Blvd. in West Kendall was built in 1988 on nearly 10 acres. The one-to-three-bedroom units span between 625 SF and 1,490 SF, according to Apartments.com. Rents range from $2,025 to $2,975.
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True Shot LLC, managed by William Marcacci, sold 122 acres zoned for residential land in Boynton Beach to an entity tracing to Arroyo Capital and Toll Brothers, according to property records provided by Vizzda.
Arroyo and Toll Brothers bought the land, which has proposals for 152 single-family homes, for $21M.
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Sheraton Suites Fort Lauderdale West at 311 N. University Drive
Everwood Hospitality Partners sold a 264-key hotel in Plantation for $26M, according to property records provided by Vizzda.
An affiliate of Artifact Group and Rok Acquisitions bought the nine-story Sheraton Suites Fort Lauderdale West at 311 N. University Drive.
The 184K SF hotel was built in 1991. Amenities include nearly 8K SF of meeting space, a 2,300 SF ballroom and a restaurant with a full-service bar.
The buyers, which secured an undisclosed acquisition loan from CIM Group, plan to spend $10M renovating the property, according to a release.
A JLL team of Andrew Dickey, Maciej Polek, Wyatt Krapf, Jesse Pohl, Henry Winchester and Mason Greif represented the buyers in the acquisition and financing.
CONSTRUCTION AND DEVELOPMENT
Bam Development and Ascendra Capital broke ground on the 117-unit Seventeen Gables Residences, according to a release.
The move comes after the joint venture landed a $60M construction loan from Dwight Mortgage Trust in February.
Construction began simultaneously with the sales launch of the one-to-three-bedroom units, which start in the mid-$600K range. Cervera Real Estate is leading sales for the condo project at 1715 Douglas Road.
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Related Group, Tricap and Sydell Group opened NoMad Residences Wynwood with more than 90% of the units already sold, according to a release.
The project at 2700 NW Second Ave. is the inaugural residential concept under the NoMad Hotels brand. The studio, one- and two-bedroom units range from 460 SF to 930 SF and are fully furnished with no rental restrictions.
Amenities include a rooftop pool deck, an indoor-outdoor gym, a cold plunge, summer kitchens, a parlor and a speakeasy.
