National investment firm had developed the 500,000-SF mixed-use property in 2016
MIAMI (July 5, 2022) — Wharton Urban, an operating platform of real estate investment firm Wharton Equity Partners, announced today that they have sold the “Eve at the District”, a 500,000-square-foot, mixed-use project in Miami, Florida. Terms of the transaction were not disclosed.
Wharton developed the 18-story building in partnership with Mack Real Estate Group in 2016. The property includes 194 luxury apartments, as well as 65,000 square feet of ground-floor retail space.
“This building represents one of our earliest major investments in the Miami market, as we were ahead of the curve in recognizing its potential as a growing destination for renters attracted to its unique culture and lifestyle. That vision has paid significant dividends, with the city’s rental housing market having exploded in recent years as it continues to add jobs and new residents,“ said Peter C. Lewis, Chairman of Wharton Urban. “We are extremely proud of our work on this building and are grateful to all of our partners as we finalize this successful sale and continue to generate notable returns for our investors.”
Eve at the District offers renters a luxury living experience that includes spacious floor plans; floor-to-ceiling windows affording ample natural light; and a variety of modern finishes, such as stainless steel kitchen appliances and quartz countertops. Residents also have access to a world-class amenity suite, including a community pool; a hot tub; a state-of-the-art fitness center; and an on-site yoga studio.
The property is located within walking distance to many major shopping centers and restaurants in Miami’s Midtown, Wynwood and Design District neighborhoods.
Wharton Equity Partners has been particularly active in the Miami market in recent years. In 2021, the firm sold a 1.82-acre development site at 1177 Kane Concourse in Miami’s Bay Harbor Islands submarket to Terra Group for $31.5 million, as well as a prime 2-acre development parcel at 16 Southeast 2nd Street in downtown Miami that is zoned for a 2-million-square-foot mixed-use development, for $46.0 million. Wharton is also an owner of the Sheraton Miami Airport Hotel.
About Wharton Equity Partners
Wharton Equity Partners is a New York City-based investment with significant roots as a real estate owner, developer, and operator. Since its inception in 1987 as a developer of large-scale residential communities, the firm has shown an innate ability to foresee macroeconomic trends and move with conviction to invest in emerging opportunities. Today, Wharton Equity has a family of wholly-owned platform businesses which provides the company with the agility and expertise to act on a wide variety of transactions, including venture capital investing. This flexible philosophy has enabled Wharton Equity to generate superior returns over various business cycles and garner unrivaled trust, earned through proven performance.