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Ram Realty, Pinnacle pay $15M for multifamily dev site near Aventura
285-unit apartment project will include 36 workforce housing units
Ram Realty Advisors and Pinnacle paid $15.4 million for a multifamily development site steps from the future Brightline station near Aventura Mall, marking a rush to build near major transit stops.
The duo scooped up 2.2 acres of land at 19640 West Dixie Highway in the Ojus neighborhood in unincorporated Miami-Dade County, with plans for a 285-unit apartment building that will include 36 workforce housing units, according to a joint Ram and Pinnacle news release.
CK Prive Group 196 LLC, managed by Bruno Bloch, sold the land, records show.
The Roger Fry Architects-designed building will rise 15 stories on the east end fronting West Dixie Highway, taper down to eight stories in the center and drop to four floors on the west side, the release says.
The apartments will include studios and one- to three-bedroom units. Kitchens will include quartz countertops, tile backsplashes, built-in islands and stackable washers and dryers. The bathrooms will have bathtubs and walk-in showers with frameless glass doors, according to the release.
Building amenities will include a pool, business center, gym, clubroom and a courtyard garden.
Construction is expected to start in the fourth quarter of this year.
Brightline, the passenger train that connects the downtowns of Miami, Fort Lauderdale and West Palm Beach, is building a stop nearby, also in the Ojus neighborhood. Miami-Dade is funding part of the cost for the station, which is north of the project and includes a pedestrian bridge to Aventura Mall.
Louis Wolfson III and Mitchell Friedman (LinkedIn)
Palm Beach Gardens-based Ram Realty is led by Casey Cummings, according to its website. Miami-based Pinnacle’s partners are David Deutch, Louis Wolfson III and Mitchell Friedman, its website says.
Their project is one of a slew underway near Miami-Dade train stops, either proposed or under construction. Also near the Ojus stop, Chicago-based Fifield Companies plans the eight-story, 266-unit Avida Aventura apartment development.
In Wynwood, Fifield plans an eight-story, 210-unit apartment project with retail, steps from a station proposed between Northeast 26th and 27th streets. It is uncertain which rail line will operate there, with possibilities including the publicly owned Tri-Rail that now runs in western South Florida areas.