Respark Residential acquires Wynwood Bay apartment building for $67M

Alta Developers sold the 156-unit, 19-story building between Miami’s Edgewater and Wynwood neighborhoods.

Nicolas Weinstein, President of Respark Residential and Alta Developers CEO Raimundo Onetto (Berkadia, LinkedIn via Onetto, Respark)
Nicolas Weinstein, President of Respark Residential and Alta Developers CEO Raimundo Onetto (Berkadia, LinkedIn via Onetto, Respark)

A Fort Lauderdale-based multifamily real estate investment firm dropped $67 million for a 156-unit apartment building bordering two of Miami’s hottest neighborhoods.

Respark Residential, led by President Nicolas Weinstein, acquired Wynwood Bay, a 19-story high-rise at 2500 Biscayne Boulevard, between Edgewater and Wynwood, according to a press release. Both areas are experiencing a wave of new condo and apartment projects by major developers such as Melo Group, Kushner Companies and Bel Invest, among others.

The seller is Alta Developers, a Miami-based firm led by principal and CEO Raimundo Onetto, that teamed up with New York-based Greystone to develop Wynwood Bay seven years ago. After acquiring the site in 2014 for $10 million, the joint venture completed the building in 2017, according to records.

In 2018, Greystone sold its stake in the property to Alta Developers, which refinanced the mixed-use rental tower. The same year, New York-based Infinity Real Estate paid $7 million for the building’s 13,000-square-foot retail component in a separate deal, according to records.

For the latest sale, a Berkadia team led by Roberto Pesant and Jaret Turkell marketed the property for Alta Developers. Laura Beaton, also with Berkadia, arranged financing on behalf of Respark Residential, the release states.

The new owner plans to add amenities to the unit interiors and the common areas, according to the release. Wynwood Bay’s rents range from $2,000 to $3,700 per month, Turkell said.

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The multifamily building received about 10 bids, Turkell added. “It’s a high-rise with great views at the intersection of Wynwood, Edgewater and the Design District, one of the hottest locations in the country,” Turkell said via email.

The apartments in Wynwood Bay have high ceilings, floor-to-ceiling windows, open concept kitchens and large balconies and terraces, he said. Units range from 715-square-foot, one-bedroom apartments to 1,284-square-foot, two-bedroom apartments, the release states.

Amenities include a rooftop pool with private cabanas, a health and wellness center, a sun deck with panoramic views of the Miami skyline and Biscayne Bay and an entertainment and resident lounge.

Over the summer, Infinity Real Estate and Arch Companies announced a partnership to develop a mixed-use project with 250 residential units at 2501 Biscayne Boulevard, which is across the street from Wynwood Bay.

Recently, Chicago-based Trilogy Real Estate Group paid $12.5 million for a potential development site in an Opportunity Zone at 169 Northeast 27th Street and 2728 Northeast Second Avenue, as well as the adjacent vacant lot at 166 Northeast 28th Street. Miami-based Stripey Development had planned to redevelop the properties into an 18-story mixed-use tower with ground-floor retail, offices and 12 stories of condos.

About five blocks away from Wynwood Bay, Kushner Companies and PTM Partners are planning a 1,300-unit, phased multifamily project at another Opportunity Zone property at 2000 Biscayne Boulevard.

In Wynwood, Bel Invest and Diesel last month announced their partnership is launching sales of the fashion brand’s first condo project, a 159-unit building at 148 Northwest 28th Street, called Wynwood Diesel Condominium.