JV Tops Out 1,201-Bed Student Tower in Miami
Terrazul is subject to a $147 million construction loan from MSD Capital.
A joint venture between AARE Sunbelt, an affiliate of Adam America Real Estate and JW Capital Management has topped out Terrazul, a student housing development near Florida International University in Miami, which will total 1,201 beds. The project is subject to a $147 million construction loan funded by MSD Capital, according to Yardi Matrix data. Completion is scheduled for the second quarter of 2024.
The 22-story tower will encompass 932 one-, two- and four-bedroom apartments. It was designed by Niles Bolton Associates and Coastal Construction Group serves as general contractor. Community amenities are slated to include a swimming pool and a fitness center, as well as study lounges, rooftop study rooms and library areas.
Located at 700 SW 107th Ave., the development is adjacent to the east entrance of FIU’s campus, some 16 miles west of downtown Miami and 11 miles from Miami International Airport. There are numerous dining and retail options within walking distance of the community.
Although still feeling the effects of a volatile economic environment, student housing has performed distinctively well in the first quarter of 2023 at a national level. Yardi Matrix information shows that Terrazul is one of two projects dedicated to students to be added to the five existing ones within a 3-mile radius of FIU, which ranked among the country’s top universities for student housing development as of October 2022.