Miami, FL – Butters Construction & Development and Greystar are pleased to announce that they have formed a joint venture and have acquired 45 acres at NW 97th avenue and NW 170th Street, Miami to develop a 360-unit multi-family project and 500,000 square foot industrial park. This mixed-use project, named Miami Midway, will have a total value in excess of $200 million upon completion in 2023.
“This was a unique opportunity to acquire 45 acres of ready to build land in Miami Dade. We immediately jumped on that opportunity as these size parcels are non-existent in metro Dade County, and the chance to develop a project of this size with a firm like Greystar, was a dream come true as they have extensive multi-family experience and we are one of the leaders in the industrial development world” said Malcolm Butters, President of Butters Construction & Development.
“Access is paramount when selecting our development sites. The I-75 visibility, along with future and underway access improvements will bring more jobs and residents to the immediate area. It’s one of the rising stars in Miami-Dade” commented Adam Vaisman, Director of Acquisitions, Butters Construction & Development.
“We are thrilled to have the opportunity to partner with a firm like Butters to develop an institutional, Class-A industrial project of scale and a Class-A multifamily garden deal within Miami-Dade County. The multifamily project will consist of approximately 360 units in three-story surface parked product, with extensive green areas, high end finishes, and best of class amenities. These two developments are complementary to the over $850MM of development we have already executed across the tri-County area of South Florida” said Lewis Stoneburner, Managing Director for Greystar’s Florida development and construction business.
The 45 acres was acquired from Terra Group for $53 Million. Construction is projected to start in Q4 of 2021. CBRE was responsible for introducing Butters & Greystar. Whitman Peterson will serve as a capital partner for the industrial component of the project and Greystar’s affiliated capital purchased the multifamily land.
About Butters: Butters is one of South Florida’s most active and vertically integrated real estate service companies engaged in construction, development, leasing and property management. The company has built over 20 Million square feet and totaling over $1.5 Billion. Assets owned include industrial, office, retail and hotels, located in South Florida, Orlando, Atlanta. Butters is a six-time (6x) winner of the NAIOP South Florida Chapter ‘Developer of the Year’ award and a top General Contractor in the region. www.butters.com.
About Greystar:
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated US$200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 713,000 units/beds, and has a robust institutional investment management platform with approximately US$37.2 billion of assets under management, including over US$16 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Whitman Peterson:
Whitman Peterson is an institutionally backed real estate investment management company actively investing in the industrial, hospitality, multifamily, student and seniors housing sectors. Through its discretionary commingled funds, Whitman Peterson has invested in transactions involving more than 150 acquisition and development assets, with an aggregate capitalization of over $20 billion. The firm has investments across most major markets in the U.S. and also has investments in the U.K. and Latin America. Whitman Peterson focuses on helping drive significant asset and operating company growth to a select group of prominent national operating, investment, and development companies within Whitman Peterson’s target sectors. To learn more about Whitman Peterson, visit www.WhitmanPeterson.com.
