The Coconut Grove-based firm, in collaboration with W5 Group, the Winter family’s investment office, anticipates the completion of the nine-story building at 51 Northwest 28th Street in January, as stated in the developers’ recent news release. The development, named i5 Wynwood, will comprise 217 suites, each featuring a private bathroom and shared access to a kitchen, dining area, and living space. Prospective residents can opt for either three-bedroom, three-bathroom units or four-bedroom, four-bathroom units.
Pre-leasing is set to commence next month, with initial rents starting at $1,895 per month, as mentioned in the release. The construction is on track for completion in January.
i5 Wynwood, designed by Arquitectonica with interiors by Michael Wolk, will encompass a 3,900-square-foot ground-floor retail space and a 6,600-square-foot courtyard.
Ralph Winter, an investor with a history in European student housing and micro-apartments, established the real estate and private equity firm W5 in 2009. The firm’s real estate division focuses on various sectors, including multifamily, student housing, single-family rentals, co-living, and micro-units. Headquartered in Miami Beach, W5 also maintains offices in New York, Washington, D.C., and Zug, Switzerland, according to the company’s website.
In South Florida, W5 made an investment in Georgia-based Landmark Properties’ initiative to renovate the Cloisters student housing complex located at 5830 Southwest 57th Avenue near the University of Miami. This project involved expanding the complex by constructing 36 adjacent townhouses with a total of 168 bedrooms. The complex faced controversy in recent months due to unexpected delays, resulting in students being temporarily accommodated in hotels.
Related, led by Jorge Pérez and his sons Jon Paul and Nicholas Pérez, has demonstrated a significant commitment to Wynwood. This month, Related sold the newly completed 29 Wyn apartment complex at 2918 and 2828 Northwest First Avenue for $135 million. Co-developer Bob Zangrillo’s Dragon Global Management and investor Carlos Rosso were also part of the sale.
Furthermore, Related, along with Alex Karakhanian’s Lndmrk Development and Tricera Capital, collaborated on the development of the 12-story Dorsey mixed-use multifamily project located at 286 Northwest 29th Street in Wynwood. In April, they secured a $165 million refinancing for the property from MF1 Capital.
