CrowdStreet: Wynhouse Miami – Benzinga

Real estate investment platform CrowdStreet announced an offering for a ground-up mixed-use multifamily development in one of Miami’s most sought-after neighborhoods.

In the heart of Miami’s Wynhouse neighborhood, just minutes north of downtown and Miami Beach, is the site of what will become a Class A, 308-unit multifamily development. Acquired in 2021, the property will be transformed into a highly amenitized, eight-story building with ground-floor retail. The residential unit mix will include 71 studios, 185 one-bedroom and 52 two-bedroom units.

Following a projected 24-month construction timeline, development sponsor The Fisher Brothers anticipates leasing the property at a rate of 26 units per month and project stabilization in October 2025. The second floor of the Wynhouse development will feature a fitness center, commissary kitchen, entertainment lounge, private work rooms and locker rooms. The rooftop will have a pool and lounge space that look out at the Miami skyline. The ground floor of the project will have 10 retail units, which are expected to receive plenty of foot traffic because of the building’s location near art galleries, bars, restaurants and high-end retail.

Florida was the fastest-growing state in 2022 and has an annual population growth rate of 1.7%. Miami-Dade currently has 2.7 million residents and is expected to grow to 3 million by 2025. The Tri-County area (Miami-Fort Lauderdale-West Palm Beach metropolitan statistical area) has over 6 million residents with that number expected to increase to 7 million by 2025. The population inflow is expected to continue driving demand for multifamily housing, especially in the downtown Miami area which has seen rents increase by over 22% since 2019.

The Fisher Brothers has extensive experience in mixed-use projects with more than 7 million square feet of commercial office and 1,200 residential units developed since 2014. The fully integrated real estate development company manages 13 properties valued at more than $5.2 billion.

The minimum investment for Wynhouse Miami is $25,000.

CrowdStreet will host a live webinar session at 10 a.m. Pacific Time on May 31 at 10:00 a.m.

View details on CrowdStreet’s offerings

Photo courtesy of CrowdStreet