Avison Young Oversees PMG Acquisition Of Wynwood Portfolio For $46 Million

Avison Young’s Florida Capital Markets Group has overseen the closing of a $46 million sale of a prime-located portfolio to an affiliate of PMG, who recently completed co-living concept X Miami on Biscayne Boulevard in Downtown Miami and is currently developing X Las Olas in Fort Lauderdale. The Wynwood assemblage consists of seven properties in the heart of the high-growth, in-demand Wynwood neighborhood of Miami, located at 2431-2455 NW 2nd Ave., 146-172 NW 25th St., and 1159 and 169 NW 24th St. and spans ±1.6 contiguous acres. The portfolio sold to an affiliate of PMG Acquisitions, LLC, which has plans to build up to six stories of co-living apartments above single-story retail. Positioned at the epicenter of Wynwood, the portfolio is walking distance from the iconic Wynwood Walls, famed restaurants, entertainment, and high-profile office and residential developments.

“Explosive growth and high demand continue in Wynwood, making the large assemblage a one-of-a-kind ‘blank canvas’ opportunity,” said Crotty. “The extremely qualified investor-developer of high-quality residential has a unique co-living above ground-floor retail concept that fits perfectly within the neighborhood’s lifestyle and is expected to further enhance and beautify the area.”

Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Senior Associate Brian C. de la Fé; and Associate Myles Stepner completed the portfolio disposition, the largest sale to-date in 2019, in Wynwood. Peter L. Desiderio, Esquire of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., and Laura Bourne Burkhalter, Esquire of Laura Bourne Burkhalter, P.A., represented the sellers in connection with the transaction.