Redwood Dev Co has bought 75 near-construction townhouses near Opa-locka for $30 million and plans to convert them into workforce rentals.
Redwood purchased the townhouse at the northeast corner of 119th Street NW and West Golf Drive from developer Lennar, according to a buyer’s press release. Redwood secured a $23 million loan from City National Bank for the purchase.
Three- and four-bedroom townhomes will be completed within a month and will range in size from 1,400 to 1,800 square feet.
The townhomes are part of a larger residential project by Lennar on the former Westview Country Club golf course at 2601 Northwest 119th Street.
The Miami-based homebuilder is building the entire project, called Westview, on about 90 acres. The entire community will feature single-family homes and townhomes, with completed homes selling for $451,990 to $647,990, according to Lennar’s website.
The townhouses in Redwood will be rented out to families earning up to 120 percent of the area’s median income, according to company representatives. The AMI for Miami-Dade is $68,300 per year.
Redwood has been betting big on the middle-class multifamily market in North Miami-Dade. Its workforce housing portfolio in the region is valued at $140 million.
The company has just acquired $24 million Construction loan for five-story, 98-unit Mosaic condominium at 13800 Northwest 22nd Avenue milky white bait. The project is under construction with no covenant restrictions mandating affordable or labor housing rents, however Legg Mason will accept rent subsidies from housing authorities. Other units will target South Florida teachers, post office workers, nurses, firefighters and more.
2021, Redwood Completion Mirage at Sailboat Bay Townhouse rental complex at 17 Path Northwest 14301 Opa-locka. The company built 112 units in 23 buildings, plus 59 townhouses built by other developers. The company also owns 26 previously developed homes, giving it a total of 138 townhomes at The Mirage.
The Mirage is not officially designated affordable or workforce housing, but accepts rental vouchers. This month, Redwood received $45.2 million in refinancing from Regions Bank, according to a company press release.
Redwood Dev Co is a joint venture between Miami-based real estate private equity firm BAS Holdings Investments and Aventura-based lender and real estate investor Winston Capital Partners, according to a press release. Redwood is led by BAS founder Brian Sidman,
David Burstyn, founder of Winston Capital.
south florida desperate labor force and affordable Housing, as the tri-county region already grapples with rising rents and incomes that it couldn’t keep up with even before the pandemic. The influx of out-of-state residents began in late 2020 pressurized Fix this by pushing up demand and rents.
skyrocketing rent slow Midway through last year, but rents are not expected to fall back to pre-pandemic levels.Last year, Miami-Dade was still named “Most Competitive” The nation’s condo market, according to RentCafe. An average of 32 prospective tenants vie for the same unit, far exceeding the national average of 14 prospective tenants per apartment.
