Oak Row Equities has acquired a small office property across from MiamiCentral Station to build a new 45-story multifamily tower. The property was purchased from The Citadel Arena Corp. for $38.5 million. Oak Row Equities purchased the off-market site and utilized seller financing along with in-place income. Architecture firm ODP is designing the project. Colliers Mika Mattingly and Cecilia Estevez of the South Florida Urban Core Team & Vincent Pastore of Pastore and Associates represented the seller, in the transaction.

First & Fifth is a 700,000 gross square foot development with 500 multifamily units featuring a robust amenity package. First & Fifth is located catty-corner from the entrance to MiamiCentral Station, the connecting point for the Brightline, Metrorail, Tri-Rail, and the Metromover.

Oak Row Equities says it has acquired more than one billion dollars of assets and is under development on more than three million square feet of class-AAA real estate.