An affiliate of Houston-based apartment developer the Morgan Group has obtained the site of a planned apartment project in Midtown Miami for $19.12 million. The 1.2 acre site is located between Northwest 28th and 29th streets, near the Edgewater and Wynwood neighborhoods. The seller, a joint venture between Miami-based Fifteen Group, North Miami Beach-based Adler Group and Boca Raton-based Encore Housing Opportunity Fund, assembled the property between 2013 and 2015 for $7.4 million.
Morgan Group VP Evan Schlecker said the developer plans to break ground on the 309-unit apartment building in the first half of 2016. “It’s in an exciting location at the cross section of three neighborhoods that are continuing to bleed into each other and there is a lot of tenant demand for professionally managed apartments there,” he said.
