MIAMI—Atlas Real Estate Partners of New York City reports it has acquired 2301 North Miami Ave. in the Wynwood section of the city.
The company did not disclose the purchase price for the 13,353-square-foot, four-bay property. It did note however, that the deal was financed with a five-year floating-rate loan through Miami-based US Century Bank. In addition to the senior loan, Atlas crowdfunded a preferred equity piece through Fundrise.
“This acquisition was an excellent transaction for Atlas and its investors in that it perfectly fits our investment strategy of buying properties that generate strong cash-on-cash returns, at a significant discount to replacement cost, and that are located in growing neighborhoods” says Arvind Chary, managing principal at Atlas.
Alex Foster, managing partner at Atlas, adds, “We're excited about the acquisition of 2301 and believe it offers our investors excellent risk-adjusted returns with significant upside opportunities as the neighborhood continues to mature.”
Atlas has leased three of the four spaces to a mix of creative and artistic tenants that fit the fabric of the Wynwood neighborhood. “We plan to work with a group of local graffiti artists to tag the façade, creating a landmark property in Wynwood and providing additional exposure for our tenants” says Joe Stampone, vice president of investments at Atlas.
The acquisition is the fifth for the Atlas Florida platform. The platform will continue to target value-add multifamily, office, and retail assets throughout Florida and is looking to grow the platform substantially in 2014, company officials say.
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