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Oak Row Equities Acquires 49 NW 5th Street for Luxury Development in Downtown Miami

Author

Slice of Real Estate Team
June 21, 2024

Key Highlights:

  • Oak Row Equities acquires 49 NW 5th Street for $38.5 million.

  • First & Fifth luxury tower to rise across from MiamiCentral Station.

  • Designed by ODP Architecture, blending Venetian and modern aesthetics.

  • 700,000 square feet, 500 multifamily units with top amenities.

  • Exceptional transit access with a perfect transit score of 100.

Source (Business Wire)

Notable Quotes

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"First & Fifth exemplifies our thesis that the ability to live, work, and play within a short walk or train ride will become critical to a renter's decision process in South Florida. We are proud of our partnership with the City of Miami and the diligence of our team in structuring this deal while navigating historic preservation and zoning requirements."

Erik Rutter, Managing Partner at Oak Row Equities
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"This Downtown acquisition is a culmination of conviction, persistence, collaboration, and vision. We couldn't be more excited to continue planning this landmark transit-oriented development. We are eager to present First & Fifth to the capital markets and future tenants."

David Weitz, Managing Partner at Oak Row Equities

Our Take:

The acquisition of 49 NW 5th Street by Oak Row Equities signifies a strategic move to capitalize on Miami's burgeoning demand for luxury multifamily housing with excellent transit connectivity. The First & Fifth project stands out with its blend of historical and modern architectural elements designed by ODP Architecture and Design, aiming to offer high-end living with unparalleled convenience. This development is poised to attract discerning tenants seeking a comprehensive lifestyle solution in a prime location, bolstered by its proximity to MiamiCentral Station and other key amenities. Oak Row Equities' focus on transit-oriented developments reflects a broader trend in urban planning, emphasizing sustainability, accessibility, and integration with public transportation networks.