Investors may have a chance to bank on a real estate rental project in Wynwood. Rilea Group just launched a $20 million crowdfunding campaign. “Mohawk at Wynwood” will be 12 stories and have 225 units. The Wynwood rental project will sit on 1.5 aces, and have retail and restaurant space on the ground floor. In addition, amenities will include shared work spaces, a rooftop pool, and more. Furthermore, the Rilea Group is expected to acquire the land for $22 million in July.
Investors are expected to put at least $35,000 into the project. In fact, Rilea Group is aiming to raise about $40 million in private capital. Half of this will come from investors with RealtyMogul, and the rest from individuals the development firm knows. In April, RealtyMogul raised about $10 million. Furthermore, Rilea Group has been developing projects in South Florida for 40 years.
Furthermore, this Wynwood rental project is just one of many residential projects planned for the area. In fact, other projects in the area include a 306-unit condominium and a 200-unit co-living apartment building. Wynwood is an up-and-coming neighborhood in Miami, and this is a great opportunity for investors looking to bank on the area.
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. Contact us today!
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