Oak Row Equties and Lndmrk Development paid $22.5 million for a multifamily development site in the Edgewater neighborhood of Miami.

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Edgewater 29 LLC, managed by Jamie Mandel and David Centner with Miami Beach-based DLC Capital Management, sold the vacant property of 1.5 acres at 401 and 421 N.E. 29th St.; 420, 430, 450 and 454 N.E. 29th Terrace; and 2921 and 2927 N.E. 4th Ave. New York- and Miami-based Oak Row Equities is led by David Weitz and Erik Rutter while Miami-based Lndmrk is headed by Alex Karakhanian.

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Stefano Santoro of Disruptive Real Estate represented the buyers in the deal, while the seller worked with Keiti Silva of Re/Max 360 Real Estate.

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The property last traded for $13.65 million in 2019, so it had a nice gain in value. That’s a reflection of the surge in rents in the Edgewater area, making apartment projects more profitable.

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The developers retained Miami-based Arquitectonica to design a rental project there. Karakhanian said the project would have 324 units, but the design has not been finalized. The zoning permits 60 stories.

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“Edgewater continues to be an attractive neighborhood for us and 401 NE 29th Terrace was a rare opportunity to develop a pure multi-family project in the heart of the submarket,” Rutter said. “We’re eager to finalize site plans and bring this project to the market.”

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This deal comes three months after Oak Row Equities and Lndmrk purchased a mixed-use development site on Biscayne Boulevard in Edgewater. The neighborhood has exploded with growth in recent years as more people move just north of downtown Miami, with views of Biscayne Bay. However, some streets in Edgewater have challenges with flooding during heavy rains.

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