A joint venture of Landmark Properties, Peninsula U.S. Real Estate and W5 Group has revealed plans to renovate and add townhome units to The Cloisters, a 71-unit community near the University of Miami. The project will break ground this summer, with completion slated for fall 2023.
Landmark Properties acquired the asset for $23.3 million from CA Ventures at the end of last year. The company also received $41.7 million from Webster Bank to finance the acquisition and development of the property, Yardi Matrix data shows.
The project includes a makeover of the first Cloisters building and the construction of a second phase on an adjacent property. Once completed, the revamped project will encompass 296 bedrooms across 115 units. Community amenities will include laundry facilities, a pool, fitness center and outdoor spaces for sporting activities and gatherings.
Located at 5830 SW 57th Ave., the community is within a mile of the University of Miami and Lowe Art Museum. Residents will have easy access to retail options, such as The Shops at Sunset Place and Whole Foods Market. The South Miami Hospital and the Larkin Community Hospital South Miami are within 2 miles of The Cloisters.
The University of Miami has received 42,000 first-year applications and accepted 2,800 students at the beginning of the 2021 fall semester, marking it the university’s largest first-year class ever, Miami Today reported. Despite considerable demand, there are merely four dedicated student housing properties, encompassing 463 units, serving students at the University of Miami.
Landmark Properties is not new to the Florida market, the company had also previously partnered with W5 Group to deliver The Metropolitan at Gainesville, a 464-bed student housing community in Gainesville, Fla.