Related, W5 Building Wynwood Co-Living Project
The Pérez family’s Related Group and its partner are developing a co-living apartment building in Wynwood.
The Coconut Grove-based firm and W5 Group, the Winter family’s investment office, expect to complete the nine-story building at 51 Northwest 28th Street in January, according to the developers’ news release. The project, called i5 Wynwood, will consist of 217 suites, each with a private bathroom and a shared kitchen, dining room and living room. Residents can choose between three-bedroom, three-bath units or four-bedroom, four-bath units.
Pre-leasing begins next month, with asking rents starting at $1,895 a month, the release says. Construction is expected to be completed in January.
Designed by Arquitectonica, with interiors by Michael Wolk, i5 Wynwood will have a 3,900-square-foot ground-floor retail space and 6,600-square-foot courtyard.
Ralph Winter, who invested in student housing and micro-apartments in Europe, founded real estate and private equity firm W5 in 2009. The company’s real estate arm focuses on multifamily, student housing, single-family home rentals, co-living and micro-units. Based in Miami Beach, W5 also has offices in New York, Washington, D.C., and Zug, Switzerland, according to the firm’s website.
In South Florida, W5 invested in Georgia-based Landmark Properties’ project to revamp the Cloisters student housing complex at 5830 Southwest 57th Avenue near the University of Miami and to expand it by developing 36 adjacent townhouses with 168 bedrooms. The complex has been embroiled in controversy in recent months when Landmark alerted tenants of an “unexpected and unfortunate delay” five days before move-in day and put up students in hotels. Although students eventually moved in, some they had to again leave and stay at hotels due to sewage backing up in apartments.
Related, led by Jorge Pérez and his sons, Jon Paul and Nicholas Pérez, has placed a hefty wager on Wynwood. This month, Related sold the recently finished 29 Wyn apartment complex at 2918 and 2828 Northwest First Avenue for $135 million. Project co-developer Bob Zangrillo’s Dragon Global Management and investor Carlos Rosso also were sellers.
Related, as well as Alex Karakhanian’s Lndmrk Development and Tricera Capital, developed the 12-story Dorsey mixed-use multifamily project at 286 Northwest 29th Street in Wynwood. In April, they scored a $165 million refinancing of the property from MF1 Capital.
