The Cloisters Miami student housing near the University of Miami is getting both a revamp and additional units.
Atlanta, Georgia-based Landmark Properties will develop 36 townhouses with 168 bedrooms next to the existing Cloisters community at 5830 Southwest 57th Avenue in Miami. The Winter family’s Miami Beach-based investment firm W5 Group and private equity firm Peninsula U.S. Real Estate are investing in the project, according to a news release.
Landmark, led by J. Wes Rogers, will start construction this spring, with completion expected ahead of the 2023-2024 school year.
The existing two three-story Cloisters buildings have a combined 79 units with 128 bedrooms. Once the townhouses are complete, the entire complex will have 115 units with 296 bedrooms. The plan also is for 191 parking spaces.
In December, Landmark bought Cloisters, which spans 2.9 acres, and an adjacent 2 acres for $23.3 million. The existing buildings, which will be renovated, were constructed in 1965.
The property is in unincorporated Miami-Dade County and less than a half-a-mile walk from the UM campus in Coral Gables.
W5 Group, whose principal is Swiss developer Ralph Winter, invests on behalf of the Winter family, as well as institutions and ultra high-net worth individuals, according to its website. W5 targets equity, preferred equity, and/or mezzanine investments of more than $20 million.
Peninsula U.S. Real Estate, based in Miami, invests as a general partner in student and senior housing nationwide, alongside developers and property managers, according to the release. It also provides mezzanine debt and preferred equity. It’s an arm of Uruguay-based Peninsula Investments Group, founded by Josef Preschel and the late Mauricio Levitin Z”L and with investments also in Latin America, according to Peninsula Investments Group’s website.
The Cloisters project is indicative of a strong student housing market, as developers and investors are betting on it nationwide. Landmark, which has student rental communities throughout Florida, went into a $784 million venture with Blackstone Real Estate Income Trust in August to buy and recapitalize student housing.