CLIENT NEWS: Iconiq buys Related and Block Capital’s Wynwood apartments for $77M

February 18, 2021

San Francisco investment firm Iconiq Capital paid $77 million for a mixed-use apartment building in Miami’s Wynwood neighborhood.

Related Group and Block Capital Group sold The Bradley Wynwood, a 175-unit building that was previously leased to short-term rental operator Domio, to Iconiq. Domio, which shut down last year, had a 10-year master lease with extension options.

In October, Related and Block Capital listed the building at 51 Northwest 26th Street for sale with a whisper price of about $90 million, before Domio shuttered. Berkadia brokers Scott Wadler, Jaret Turkell and Roberto Pesant had the listing. Omar Morales, also with Berkadia was involved in the sale.

The Bradley has 36,000 square feet of retail space and more than 230 parking spaces. Iconiq retained BM2 Realty to handle retail leasing.

Block Capital, led by the Miculitzki family, and Related completed the building in 2019. It marked the first apartment-hotel to open and operate in Wynwood, though a number of projects are in the pipeline.

The building was designed as a traditional multifamily building and then converted to an apartment-hotel.

Lenny Kravitz’s Kravitz Design designed the amenity spaces and public areas, and Arquitectonica designed the building. It includes a parking garage with bicycle storage; a rooftop terrace with a pool, amenity deck, outdoor kitchen and dining area; and a gym and health club. The units feature Italian kitchens and vanities, stainless steel appliances, washers and dryers, walk-in closets and keyless entry.

The deal marks Iconiq’s first major purchase in South Florida. The firm, which has managed money for tech investors who include Mark Zuckerberg, has more than $3 billion in assets under management.

In October, Iconiq paid $190 million for a luxury apartment tower in Chicago.

– Katherine Kallergis

Published February 17, 2021 in TheRealDeal.com

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