Miami Arts District Mixed-Use Reposition
2301 North Miami Ave, Miami, FL • Atlas Real Estate Partners
Cash Flowing to Investors
Ann. Return
12.0%
Term
36 mo.
Fundrise Rating
C
Underlying Security
Preferred Equity
Investment Size
$1,850,000
Min. Investment
$5,000
Current Ann. Return
8.0%
Open To
Accredited Investors
Type
Mixed-Use
Retail, Arts
Phase
Value-Add
Mixed-Use Reposition
Location
Miami FL
Wynwood District

Investment Summary

This is an opportunity to invest in a series of Notes tied to the performance of a 13,353 square foot value-add retail property located in Miami’s emerging Wynwood neighborhood. Atlas Real Estate Partners is purchasing the asset at an attractive basis of $275/SF in comparison to other properties that have traded for as much as $390/SF. Aside from purchasing the property at a discount, Atlas Real Estate Partners has already added significant value by leasing 50% of this previously vacant building and securing signed LOIs for the remaining 50%. The strong cash flows result in an average debt/preferred equity coverage ratio of 1.31x over the 3-year term.

Key Deal Points

Experienced project sponsor
Atlas Real Estate Partners is an entrepreneurial real estate investment firm that oversees a national portfolio valued at $450M. Atlas has extensive experience executing its value-add strategies.
Growing neighborhood
Wynwood is one of the fastest growing neighborhoods in Miami. With numerous residential and commercial developments in various phases of construction, Wynwood is primed to be Miami’s next hot neighborhood.
A unique property
The location of the building on the highly visible street corner of North Miami Ave and NE 23rd pedestrian traffic. Additionally, the unique design of the building provides a modern artistic feel that maximizes the natural light and exposure of the space.
50% of the building has been leased
50% of the building has been leased. The remaining 2 leases are fully negotiated and out for signature which will bring occupancy to 100% at closing.
Below market purchase price
Atlas signed a contract in January 2014 at a below market price. The long closing has allowed Atlas to lease the property prior to close. In the past six months, rents in Wynwood have increased significantly which has increased the value of this property.

Projected Return Calculator

Principal
$5,000
Gross Annual Return*
12.0%
Term
36 mo.
Total Return*

Fundrise Rating

What is this?
C1
A
A1
A2
A3
B
B1
B2
B3
C
C1
C2
C3
D
D1
D2
D3
E
E1
E2
E3
Category Assessment Points
Capital Senior to Fundrise 1-49% 1
Capital Junior to Fundrise 10-19% 4
Location Secondary 2
Occupancy Leasing 2
Development Phase Value-Add 2
Sponsor’s Track Record $250 million or more 1
Overall 12 C1
*The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.

Risk-Adjusted Return

Capital Structure

Type Source
Equity Developer 9.8% $421,987
Preferred Equity Fundrise Offering 43.1% $1,850,000
Senior Debt 47.1% $2,021,250
Total 100.0% $4,293,237

Property Summary

Property Summary Photo

The property is a 13,353 square foot retail building divided into four spaces measuring approximately 3,300 square feet each. Each space has its own dedicated loading dock, a highly desirable amenity for galleries and other tenants that deal with inventory. Additionally, the property contains 13 available private parking spaces; a unique amenity not found at other former warehouse spaces in Wynwood. These features along with a recent gut renovation, and site amenities will allow the sponsor to attract high quality tenants.

Address 2301 North Miami Ave
Property Size 13,353 square feet

Market Summary

Market Summary Photo

2301 North Miami Ave. is conveniently located in Wynwood, just south of the Design District, north of Downtown Miami and west of Miami Beach situated just over the causeway. Wynwood contains over 70 art galleries, retail stores, antique shops, eclectic bars, and has one of the largest open-air street-art installations in the world. Developers have rehabilitated neglected warehouses, shuttered factories, and other unused buildings, transforming them into the numerous art complexes, galleries, performing art spaces, restaurants, cafes, and other creative businesses that are seen there today.

About the Sponsor

Alex Foster

Managing Principal

Arvind Chary

Managing Principal

Joe Stampone

Vice President Investments

Aubrey Duffy

Principal

Chris Sweeney

Controller

Atlas Real Estate Partners is a private real estate investment firm focused on value-add and core-plus investments in multifamily, student-housing, retail, and office assets throughout the United States. Atlas has a dedicated team in each target market that is focused on deal sourcing, project management and property operations and each team uses its existing relationships and extensive market knowledge to acquire assets at a low basis, and control repositioning costs through intensive project management. Over the past three years, Atlas has closed 24 acquisitions with a total capitalization of more than $350 million in numerous markets including Florida, New York, Texas, Massachusetts, Illinois and Utah. Atlas is based in New York City and led by Managing Principals Arvind Chary and Alex Foster.

View sponsor’s full profile