W5 Group, Ralph Winter’s family office, announced today that it is expanding its partnership with preeminent student housing development firm Landmark Properties (“Landmark”) to develop a student housing project just a few minutes’ walk from the University of Miami’s (“UMiami”) main campus. This latest project, which marks the fourth in a programmatic joint venture between W5 Group and Landmark, will also see participation from leading private equity firm Peninsula U.S. Real Estate, a vertical within Peninsula Investments Group (“Peninsula”).
The three parties have joined forces to undertake a revamp of The Cloisters Miami (“The Cloisters”) apartment complex, located at 5830 SW 57th Avenue in the historic and vibrant suburb of Coral Gables. The complex will be developed and operated by Landmark Properties, with construction and development set to commence in the spring of 2022 and slated for completion ahead of the 2023-24 school year. As part of this development, The Cloisters will be renovated, and 36 new townhomes will be built adjacent to the existing structure. The project will form a highly desirable live-study-play environment for UMiami students.
Upon completion, The Cloisters will comprise a total of 296 bedrooms across 115 units. This will include 128 bedrooms across 79 units in the main apartment building, while the 36 new townhomes will feature 168 bedrooms spanning four- and five-bedroom units. In addition, the property will offer 191 parking spaces for resident use, though its close proximity to the University of Miami’s main campus renders it a particularly attractive option for UMiami students that prefer a short walk or bike ride.
The Cloisters is also conveniently situated near to transit options, local hotspots and cultural landmarks. Its residents will enjoy access to modern amenities and home comforts including a resort-style pool, fitness center, study lounge, and high-speed Wi-Fi. In addition, units will feature state-of-the-art electrical appliances—including washer-dryers—and luxury vinyl flooring throughout.
“The University of Miami recently attracted a record number of applicants and welcomed its largest freshman class ever, which is a tribute to the quality of the school as well as the attractiveness of Miami as a place to live,” said Raphael Sidelsky, chief investment officer at W5 Group. “We are pleased to be working with Landmark and Peninsula to provide additional high-quality, amenitized housing in the area.”
The University of Miami, ranked by U.S. News & World Report as one of the top 50 national universities in 2020, will celebrate its centennial in 2025. Its intercollegiate athletic teams, collectively known as the Miami Hurricanes, compete in Division I of the National Collegiate Athletic Association (NCAA).
“Landmark has a solid track record of developing best-in-class student housing options that deliver on quality, location and amenities,” added Wes Rogers, president and CEO of Landmark Properties. “We’re pleased to expand our relationship with W5 Group, whose investment strategy and proven experience closely aligns with our own. Our latest collaboration is poised to offer an unparalleled living environment for University of Miami students while preserving the unique character of the surrounding area.”
“Peninsula U.S. has worked on this project for the past five years,” said Juan Fernando Valdivieso, managing partner of Peninsula U.S. “The Cloisters sits in an irreplaceable location, in a market with high barriers to entry, adjacent to one of the best universities in Florida. We are thrilled to further strengthen our strategic partnership with Landmark Properties across many universities, and with W5 in upcoming Florida investments.”
W5 Group is a pioneer in innovative living real estate concepts that emphasize core tenets of value, community, flexibility, design and technology. Its student housing program targets equity, preferred equity, or mezzanine investments of $20 million or greater, prioritizing developments and existing assets that are positioned near preeminent universities with strong enrollment and limited competing housing supply.