Multifamily development Mohawk at Wynwood is now open for investment from accredited investors on RealtyMogul.com

Miami is bringing the heat. Mohawk at Wynwood, the newest opportunity offered on the RealtyMogul platform, presented on behalf of the Rilea Group, is open for investment. The new multifamily development, located in a desirable submarket in South Florida, features a Class A building that offers residents a mix of amenities as well as just 225 sought-after units.

A high-end mixed residential, retail and office development in the heart of Miami, it presents accredited investors the chance to invest in a proven neighborhood. The building has excellent sponsorship and a developer with a 40-year track record working on some of Miami’s most iconic projects. It’s also perfectly positioned for both Miami’s Wynwood and Midtown neighborhoods, with access to culture, dining and retail. The 12-story building includes 22,000 square feet of ground-floor retail amidst the site’s total of 67,500 square feet. Residential amenities will include a rooftop pool deck, private hangout, two-level residents’ lounge, two-level gym, private offices and a dog park.

Burgeoning destinations such as the Wynwood Walls, the area’s numerous trendy stores and restaurants boasting the best in global cuisine, are all within walking distance — as is the desirable shopping at the Shops at Midtown Miami. The Miami Design District, which features high-end shopping with stores such as Cartier, Fendi and Gucci, amongst others, is also less than a five-minute drive away. The location is appealing to individuals and corporations alike — with the latter providing added value for the former. For instance, Spotify recently agreed to open its South Florida HQ within the Wynwood submarket, whilst Trader Joe’s announced that it has agreed to a lease at a site directly across the street from the project.

The Rilea Group is a Miami-centric developer whose projects include over 9 million square feet of development in the surrounding area.

Rilea Group President Diego Ojeda notes that the building is well positioned to meet post-Covid demand. “It will be smaller than many buildings in its competitive set, which is something we are currently seeing more and more demand for,” he says. “It means we are allowing for less density — something that both residents and investors are prioritizing in a post-Covid world.”

The total project cost is estimated to be approximately $104 million, with Rilea Group seeking an equity investment of $41.5 million to be provided in two phases: $27 million for the purchase of land (with existing performing retail) and most soft costs, followed by $14.5 million for the construction of the project. The minimum investment for Mohawk is $35,000, with an estimated hold period of five years. Additionally, the underwriting for the Mohawk project was done in a Covid environment — based on a competitive set that has already dealt with Covid pricing — further enhancing this opportunity. By the time Mohawk is developed, given that the underwriting is likely to be conservative, investors will likely see greater capital appreciation.

Rilea Group hired RealtyMogul to use its digital platform to open the investment up to accredited investors.

“I love how RealtyMogul is actively seeking to democratize the process of investment in a project such as ours,” adds Ojeda. “By helping to streamline the process, while building investor confidence through their reputation for diligence, they are the perfect marketplace partners for us.”

Providing this type of incredible investment opportunity to a wider population of accredited investors is what the Los Angeles-based RealtyMogul platform is all about.

The CEO of RealtyMogul, Jilliene Helman, emphasizes how investment opportunities in commercial real estate are kept out of most investors’ reach. “Historically, commercial real estate investing has been reserved for those with specialized knowledge, the right connections and access to great amounts of capital,” she shares. “We are changing that. The Mohawk project is a perfect example of an investment opportunity that previously might have been more challenging to gain access to. We are excited to launch funding and raise awareness for this project.”

To find out more about Mohawk and other investment opportunities, visit: https://www.realtymogul.com