Alta Developers sold the 156-unit Wynwood Bay to Respark Residential
MIAMI (December 1, 2021) – Berkadia announces it has arranged the sale and financing of Wynwood Bay, a 156-unit residential high-rise located in the Wynwood submarket of Miami, Fla. Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Alta Developers, a leading South Florida-based real estate development firm led by Principal & CEO Raimundo Onetto.
Managing Director Laura Beaton of Berkadia Boston arranged financing on behalf of buyer Respark Residential, a multifamily real estate investment company based in Fort Lauderdale, which acquired the property. Respark Residential plans to further amenitize the unit interiors and activate the common areas. The property was fully stabilized at the time of the sale, with rents ranging from $2,000 to $3,700 per month.
“Wynwood Bay has a lot to offer its residents, from its unique, competitive location in one of Miami’s trendiest and centrally located neighborhoods, to its spacious floorplans with unobstructed Bay and city views, and its resort-style amenities,” said Onetta. “It is luxury residential living in Miami’s liveliest location.”
“Wynwood Bay presented a rare opportunity to acquire a residential high-rise with immediate cash flow in one of the most dynamic, talked about submarkets in the country,” said Pesant. “As land prices and construction costs continue to rapidly increase, developers are building ever smaller units. This dynamic will allow Wynwood Bay to remain uniquely positioned to capture the overwhelming tenant demand for larger, more expansive floorplans.
Located at 2500 Biscayne Boulevard, Wynwood Bay was built in 2017 and offers one- and two-bedroom apartments ranging from 715 square feet to 1,284 square feet. Units feature 9- or 12-foot ceilings, modern porcelain tile flooring, floor-to-ceiling glass windows, a chef-inspired kitchen design with an open concept, large quartz countertops for a breakfast bar, energy-efficient stainless-steel appliances, climate efficient blackout and solar shades, frameless glass walk-in showers in select units, spacious balconies and terraces and full-sized washer and dryers in all units. Community amenities include a rooftop pool with private cabanas, a state-of-the-art health and wellness center, a sun deck with panoramic views of the Miami skyline and Biscayne Bay, an entertainment and resident lounge, Amazon lockers, four elevators, 241 parking spaces, and secure fob access to the building with 24-hour emergency maintenance.
Wynwood Bay is located at the intersection of Miami’s most rapidly growing and sought-after neighborhoods: Wynwood, Edgewater and Midtown Miami. Surrounded by hotels, bars, restaurants, it is in close proximity to the Wynwood Walls, The Gary Nader Art Centre and Brickell City Centre, the American Airlines Arena and Bayfront Park. It is located just 15 minutes to Miami Beach and Miami International Airport.