Downtown Miami apartments hit leasing milestone a year after opening
Wynwood Haus is a 20-story, 224-unit apartment complex developed by Black Salmon and LD&D in a joint venture with IGEQ and supported by Bridge Investment Group. Floorplans range from 394-square-foot studios to 945-square-foot two-bedroom apartments. The building features a workforce housing component with 100 units for those making up to 120% of the area's median income, or $79,400 in Miami-Dade County. A 5,500-square-foot commercial space is located on the ground floor.
Apartments have been taking longer to reach stabilization, defined as over 90% occupied, after Miami saw more than 18,000 new apartment units completed last year, according to CoStar analysts. Although some buildings may take up to 20 months to hit that occupancy, Wynwood Haus reached 96% about a year after opening, the developers said in a press release.
“Wynwood Haus has outperformed the market and expectations — surpassing average occupancy and budget projections,” said Diego Bonet, managing partner at LD&D, in the statement. He credited the project’s rapid lease-up “as a testament to the value of being at the right place at the right time.”
The building sits on a quiet corner at 23 NE 17th St., a transitional area between downtown Miami and Wynwood, the city’s arts district. A little over three blocks south is the School Board Metromover Station, connecting residents to the rest of downtown and Brickell farther south.
The area north of Interstate 395 has become increasingly dense over the past few years as developers look for more affordable places to build immediately north of Miami's urban core. Multifamily projects nearby Wynwood Haus include Clearline's Excel Miami apartments, Crescent Height's 14 Roc condominiums and Related Group's branded Casa Bella Residences.
Apartment rents in the downtown Miami and Wynwood area ranges from $2,430 a month for a studio to upward of $4,500 for a three-bedroom unit, according to CoStar data. Rents at Wynwood Haus start at $2,385 for a studio and $4,245 for a two-bedroom unit, while workforce housing offerings range from $1,988 for a studio to $3,063 for a two-bedroom unit, according to the building's website.
“Our leasing performance reflects the strong demand for a product that aligns with residents’ expectations in terms of design, quality, amenities and pricing,” said Camilo Lopez, managing partner of Black Salmon, in the statement.
Resident amenities include rooftop panoramic views, pool and sundeck, coworking spaces, a yoga terrace, steam room, sauna, ground-floor library, resident’s lounge, pet grooming station and electric vehicle charging stations.
