TORONTO, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of US$32,075,000 to acquire and oversee the development of a prime parcel of land in Miami, Florida. Together with its developer partner, PMG, the firm intends to develop the land into a mixed-use multi-family residential building consisting of over 220 rental units and more than 35,000 square feet of retail.
The site is located along NW 2nd Avenue and NW 25th Street, in the heart of Miami’s trendy Wynwood neighbourhood. A former industrial warehouse district situated north of Downtown Miami and near the Central Business District and Miami Beach, Wynwood has undergone significant transformation in recent years. Home to one of the largest international open-air street art installations, Wynwood has established itself as a premiere destination for arts, culture and innovation through its thriving art scene, dynamic retail and dining options, and growing hub of start-up and creative businesses.
The Wynwood project is the latest addition to Greybrook’s growing portfolio of social living and co-living multi-family rental developments in the U.S. with PMG as developer partner. Once completed, the project is expected to add to the neighbourhood a thoughtfully designed eight-storey residence featuring rental units ranging from unfurnished private residences to furnished “rent-by-bedroom” co-living suites. The project is also expected to feature an extensive amenity package, including a rooftop restaurant and outdoor space, and street level retail. As part of Greybrook and PMG’s social living platform, a key component of the resident experience will be the ongoing event programming and seamless technology that enables residents to manage all aspects of life at home.
“We believe the development’s social living and co-living offering is a solution to the housing affordability challenges faced by a growing demographic of renters across many large U.S. urban centres like Miami,” said Peter Politis, CEO of Greybrook Realty Partners. “Faced with rising housing costs, flat wage growth and changing lifestyle preferences, our turnkey rental options coupled with premium lifestyle amenities and curated programming deliver an attractive value proposition to residents and a strong investment opportunity for our investors.”
“We have a longstanding partnership with Greybrook Realty Partners, and are looking forward to bringing our first Wynwood project to market together,” said Ryan Shear, Managing Partner of PMG. “Wynwood is one of the most walkable and vibrant areas in Miami, and is primed for new development. It is the perfect location for our latest project as we expand throughout South Florida and beyond.”
The development will be Greybrook’s third investment in PMG’s social living platform and follows the Las Olas development in Fort Lauderdale and the 400 Biscayne development in Downtown Miami, both currently under construction.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in real estate development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners and its affiliates have invested in over 70 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 35 million square feet of residential and commercial density, with an estimated completion value of $15 billion.
About PMG
Founded in 1991 by Kevin Maloney, PMG is a national real estate development firm with offices in Miami and Manhattan, specializing in exceptional new construction commercial and residential projects. PMG has led the acquisition, financing, development, construction, and marketing for 85 residential buildings and over 150 real estate projects. Their energetic team is relentlessly dedicated to making bold improvements to skylines and streetscapes.
During its 28-year history, PMG has developed projects across all asset types and distinguished itself by focusing on premier luxury residential properties. Known for meticulous design and construction, notable completed PMG projects include Walker Tower, Stella Tower, The Belnord, The Briarcliffe, The Kingsley, Mei Miami Beach, 10 Sullivan, Queens Plaza South, Echo Aventura, Echo Brickell, X Miami, and Muse Sunny Isles. Currently, PMG is in various stages of developing over 5 million square feet of residential properties, including Queens Plaza Park, 111 Leroy Street, 111 W 57th Street, Waldorf Astoria Downtown Miami and numerous others throughout New York City and South Florida.
For more information, visit: http://propertymg.com/.
Forward-Looking Information
This news release contains forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.
For further information:
Greybrook Realty Partners Inc.
Sarah Mansour, Executive Director, Strategy & Corporate Development
E: sarah.mansour@greybrook.com
T: 416.322.9700 x551
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