Cain, Kushner Buy Miami Apartment Site From OKO Group

Cain and Kushner paid $43.1 million for a site in Edgewater where they’ve been planning a 364-unit luxury apartment tower.

The firms bought the 1.5-acre property at 614 and 720 Northeast 27th Street from an entity tied to a joint venture between Miami-based OKO Group and Cain.

London-based Cain, led by Jonathan Goldstein, and New York-based Kushner, headed by Laurent Morali and Nicole Kushner Meyer, have been planning the 40-story project since April. BDT & MSD Partners provided a $42 million loan for the development, with construction expected to start late next year, The Real Deal previously reported.

The property is part of a two-acre site OKO and Cain bought for $54 million in 2016. Vlad Doronin’s OKO still controls the remaining half-acre, recently launching sales of the Lilli luxury condominium there, according to the South Florida Business Journal.

OKO and Cain have partnered on several South Florida developments, including the nearby 57-story Missoni Baia and the 830 Brickell office tower, both completed in 2024. Earlier this year, they completed Una Residences, a 47-story waterfront condo in Brickell.

South Florida’s apartment supply is down 7.8 percent compared to the three-year average, according to CBRE. Demand is strong as elevated homeownership costs keep buyers in the rental market, and modest rent growth is predicted next year. South Florida remains a top target for multifamily investors, ranking second in CBRE’s 2025 investor intentions survey.

The Edgewater tower is the first project under Cain and Kushner’s South Florida joint venture.

Cain has been investing in South Florida for a decade, and its most recent project is the Delano Miami Beach renovation. Backed by Eldridge Industries, Cain has $14.4 billion in assets under management in over 20 major cities around the globe, according to its website.

In 2024, Kushner completed the 37-story, 420-unit apartment tower at 2000 Biscayne Boulevard and bought Edgewater’s 276-unit Hamilton apartment complex for $190 million. Last year, the firm secured a $115 million construction loan to develop a 68-unit luxury apartment building in Surfside.

Kushner has developed 26,800 multifamily units, 5.2 million square feet of office space and 2.2 million square feet of retail space, according to its website. Its current developments are clustered in Florida and New Jersey.