Boutique Residential High-Rise in Miami’s Wynwood Trades Hands

Berkadia has arranged the sale and financing of Wynwood Bay, a 156-unit residential high-rise located in the Wynwood submarket of Miami, FL. The property was sold by Alta Developers to Respark Residential.

Financials were not disclosed; the property was fully stabilized at the time of the sale with rents from $2,000 to $3,700.

Wynwood Bay offers one- and two-bedroom apartments of 715 square feet to 1,284 square feet. It is located at the intersection of Wynwood, Edgewater and Midtown Miami neighborhoods about 15 minutes to Miami Beach and Miami International Airport.

“As land prices and construction costs continue to rapidly increase, developers are building ever smaller units,” said Berkadia Miami’s Roberto Pesant. “This dynamic will allow Wynwood Bay to remain uniquely positioned to capture the overwhelming tenant demand for larger, more expansive floorplans.”

Respark Residential plans to further amenitize the unit interiors and activate the common areas.