Developers landed a combined $171.5 million in construction loans for two projects that will add nearly 500 apartments to Miami, even as a multifamily oversupply lingers over South Florida.
Acre scored $123 million to build the six-story, 337-unit Adela II complex just off Biscayne Boulevard at Northeast 64th Street in the MiMo Biscayne Boulevard Historic District, records show. Dallas-based Canyon Partners is the lender.
South of there, Evolve Companies obtained $48.5 million in financing to build the eight-story, 141-unit Evolve Wynwood 35 building in the Wynwood Norte neighborhood, according to the a news release. Los Angeles-based Genesis Capital provided the loan.
Chris Hammel led the Northmarq team that arranged the financing.
Adela II has been in the works for about four years, with New York-based Acre tweaking plans over time following discussions with nearby residents and Commission Chair Christine King, who represents the area. The project will rise on an assemblage of 17 contiguous lots at 645 Northeast 64th Street, immediately south of Legion Park and west of Acre’s finished 236-unit Adela at MiMo Bay apartment complex.
In 2024, a Miami planning and zoning board approved an upzoning to allow for a six-story building, instead of the previously permitted five stories, with some neighbors still expressing concern over increase of traffic. In February, the board granted the project a special exception, with Acre committing to create public parking and $1 million mitigation payment to King’s district.
The city will deed Northeast 64th Terrace, which bisects the site, to Acre, which will retrofit the road into a two-way entrance to the garage.
Adela II will include 20 workforce units, with rents at the rest of the apartments expected to be the same as those at Adela at MiMo Bay. Monthly asking rates at available Adela at MiMo Bay apartments range from $2,400 to $4,944, the property’s website shows.
Acre is led by Les Menkes, Michael Van Der Poel, Blake Olafson and Daniel Jacobs.
Evolve Wynwood 35, at 535 Northwest 35th Street, is among a few planned projects in Wynwood Norte, an overlay district Miami officials approved in 2021 with an eye toward regulating new development while incentivizing affordable housing construction.
Evolve Companies, based in Greensboro and Wilmington, North Carolina, paid $9.8 million for the nearly 1-acre assemblage in 2022.
Last year, the Miami Urban Development Review Board approved the Kobi Karp-designed project, depicted with a multi-colored façade on renderings. The project will consist of studios, as well as one-bedroom and two-bedroom market-rate apartments.
Construction completion is expected in 2028, according to the release.
Evolve is led by Mike Winstead Jr. and Joe McKinney.
South Florida’s market-rate apartment market has been experiencing slower lease-ups, a drop in rents and some lingering concessions due to hefty deliveries in recent years. Developers finished a record 18,600 units in 2024, 20 percent than total leasing that year, according to CoStar Group data. Another 12,718 units were completed last year.
Developers starting construction now say demand will catch up by the time their projects are finished, and also say they carefully pick the submarkets where they plan new projects to ensure the areas aren’t oversupplied.
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