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Related, W5 Group Begin Leasing Efforts At Wynwood’s First Co-Living Project, i5 Wynwood

i5-Wynwood-Building-Exterior-Rendering_Image Courtesy of i5 1170x435

Related Group, in partnership with W5 Group, announced Wynwood’s first co-living project, i5 Wynwood.

With pre-leasing beginning in November and completion expected in January 2024, this project redefines the rental residence experience in Miami, offering 217 fully furnished private suites starting in the $1,800’s.

“With our finger on the pulse of South Florida’s dynamic real estate landscape, Related Group in partnership with W5 Group, continues to redefine the meaning of modern living,” said Jon Paul Perez, President at Related Group. “Whether a resident is a young professional starting their career, an artist inspired by Wynwood’s creative scene, or an individual looking for an affordable, community-oriented living experience, i5 Wynwood provides high-quality housing at a reasonable price point.”

 

“i5 Wynwood represents a bold and forward-thinking approach to addressing the growing demand for urban living spaces in Miami, where rising housing costs have posed challenges for many residents,” said Chief Investment Officer of W5 Group, Raphael Sidelsky. “This unique co-living concept is designed to provide a vibrant, community-focused living environment that offers affordability without compromising on quality. W5 Group invests in cutting-edge, affordable, and community-oriented residential projects that provide exceptional amenities, design, technology and energy efficiency for residents. That’s exactly what i5 Wynwood delivers. We conceived of and helped design these highly efficient units based on our experience with micro-units, student living, multifamily and co-living projects in other similar dynamic urban environments.”

Located at 51 NW 28th Street, in the heart of Miami’s trendsetting Wynwood neighborhood, the nine-story i5 Wynwood offers residents accessible housing options with unmatched access to award-winning restaurants, bars and trendy boutiques as well as the rich assortment of art galleries, studios and exhibition spaces for which the area is known.

Designed to prioritize flexibility for urban dwellers, i5 Wynwood is made up of 217 suites, each with a private bathroom and a shared living room, dining room and kitchen, spread across 63 fully furnished apartments. Rental rates begin at $1,895 per private suite and include access to a communal kitchen as well as modern and stylish shared living and dining spaces. Residents can choose between 3-bed/3-bath and 4-bed/4-bath apartments, which have been fully furnished with queen-size beds, writing desks, multiple shelving units, trendy light fixtures, dining tables and chairs, couches, coffee tables, entertainment consoles and flat-screen TVs.

With architecture by world-renowned Arquitectonica and interiors by Miami-based designer Michael Wolk, the name behind the famous Porsche Design Tower and St. Regis Resort Bal Harbour, i5 Wynwood offers a high-design lifestyle at an unmatched price. Throughout the building’s interiors, Wolk sought to embrace the artistic spirit of the Wynwood neighborhood by creating a fresh, colorful take on the mid-century modern style. Bold colors and patterns compliment furniture rooted in functionality, clean lines and simplicity.

The vision for i5 Wynwood goes beyond traditional co-living developments by offering a curated amenity package on par with Related’s and W5 Group’s other award-winning communities. Highlights include meticulously designed shared spaces such as a sprawling entertainment center, equipped with a premium sound system and comfortable seating for watching sports and movies as well as a game room with a ping pong table and lounge seating. i5 Wynwood will feature over 3,900 sq. ft. of ground-floor retail space surrounding a 6,600 sq. ft. shaded central courtyard, along with a rooftop pool with sweeping views of the city, an indoor and outdoor gym, co-working and meeting spaces, adding to the vibrant atmosphere of the neighborhood and provide convenient shopping and dining options for both residents and visitors.

On the rooftop level, residents can utilize the coworking lounge, with Room® work booths and private rooms, before enjoying the resort-style pool surrounded by comfortable lounge chairs, cabanas, picnic tables, sunshades, a grilling area and outdoor games. Additional rooftop amenities include a fitness center with the latest equipment, free weights and an outdoor turf-covered fitness lawn. A lobby concierge, property-wide security system, mailroom with smart lockers and on-site designated resident parking further enhance convenience and security for residents.

The property will also feature an assortment of museum-quality art from the internationally acclaimed Jorge M. Perez Contemporary Art Collection, including a site-specific mural by artist, Jing Wei inspired by the community-oriented nature of the project. The murals surround the building on the east, south, and west elevations.

 

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Co-Living, Senior Housing Can Produce Higher Returns: ULI Panelists

Developers are counting on demand to be strong for co-living apartments in Wynwood, offering lower rents, shared common areas and amenities geared to promote face-to-face interactions among residents.

“There is a real vibe in these buildings,” said Swiss real estate developer Ralph Winter, whose company, W5 Group, is developing a Wynwood co-living project with the Related Group. “It is very comparable to student housing except here you have people coming from all over the world [as roommates]. They really like it.”

Winter joined Alberto Milo Jr., president of Related’s affordable housing division, and Greg West, CEO of ZOM Living, for a panel discussion on the latest trends in multifamily development at the Urban Land Institute’s Housing Opportunity Conference on Monday. Ron Terwilliger, chairman of Terwilliger Pappas Multifamily Properties, was the moderator.

Winter said his project with Related, called w28 and designed by Arquitectonica, will likely take two-and-a-half years to complete. As the lead equity partner, W5 Group is providing 80 percent of the capital to build w28. The project will have 200 co-living apartments and 3,600 square feet of ground-floor retail. The development is set to rise at 33, 45, and 51 Northwest 28th Street, three parcels Related bought for $6.5 million in June.

Apartments at w28 will be fully-furnished, have shared common areas and include streaming services such as Netflix — features that appeal to millennials, Winter said. He said kitchens are designed to encourage interactions between an apartment’s tenants, such as drinking beer on a dining counter.

“This is more of a prime concept to bring people together,” Winter said. “We have seen in our research that the loneliness factor for a 25-year-old is much higher than for a 65-year-old. [Because of smartphones] they are not really connected in a face-to-face manner. That is what we try to do in these buildings.”

Winter said a co-living tenant can expect to pay 15 percent less than the average monthly rent for a studio. However, a room in a co-living apartment averages 140 square feet, he noted. Winter explained co-living apartments are attractive to young professionals who may not stay rooted in one city or often travel for long periods of time for their jobs.

“We have guys from Google and Apple who could easily pay $3,000 a month for an apartment,” Winter said. “You are paying to be part of a membership, an exclusive circle….They say, ‘Oh that is a cool place, and I want to be a part of it.”’

On the flip side of the demographic spectrum, demand for luxury apartment buildings geared to senior citizens is booming, according to ZOM Living’s West. His company is developing the Watermark at Merrick Park in Coral Gables and the Watermark at West Palm Beach, two mid-rise multifamily projects strictly for people near retirement age.

West said senior housing monthly rents can produce about an 8 percent yield compared to the typical 6 percent yield of regular apartment buildings.

“The exit [rate of return is] higher than conventional multifamily,” he said. “We’d sell apartments in the 4 [percent range]. In senior housing, you will sell at 6 [percent].”

However, multifamily owners have to employ more people to provide property management services. And achieving full occupancy takes longer in senior living buildings, West said.

The three-day ULI conference featured two days of panels on Monday and Tuesday. The event concludes Wednesday with site tours of various projects in Miami-Dade, including Related’s Liberty Square redevelopment project, the Link at Douglas transit-oriented development by The Adler Group and 13th Floor Investments, and condo buildings that allow short-term rentals.

 

Source:  The Real Deal

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