NEW YORK, NY - AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management, announced today that construction has topped out on Terrazul, a premier student housing development located near Florida International University (“FIU”) at 700 SW 107th Ave in Sweetwater. The 22-story development will consist of 932 student housing units with a total of 1,201 beds and 647 parking spaces along with 15,442 square feet of street retail. A topping out ceremony was held on March 30th and attended by various project stakeholders, partners, and local officials. Terrazul is slated to be completed by the second quarter of 2024.
“We have reached an important construction milestone with the topping out of the 22 stories of Terrazul,” said Omri Sachs, co-founder of Adam America Real Estate. “We look forward to delivering a premier student housing development in Sweetwater, which boasts a strong and robust economy due to the presence of renowned education institution FIU.”
Designed by Niles Bolton Associates, Terrazul will offer residents exceptional amenities including an indoor/outdoor study lounge on the rooftop with study and conference rooms, library/lounge areas, and amazing views of the downtown Miami skyline as well as the campus. Terrazul will also feature a state-of-the-art gym; outdoor swimming pool; and various hangout areas to cater to the students in the area. The unit mix will provide residents with the option to live in their own private studio as well as more traditional one, two - or four-bedroom units which offer a shared common area and a private room with an ensuite bathroom for each student. Coastal Construction Group, Miami’s premier construction firm, is the general contractor for the project.
"We are thrilled to introduce Terrazul, the latest addition to our growing portfolio of high-quality residential properties," said Samuel Jesselson, Managing Partner of JW Capital Management. "Located in the heart of Sweetwater adjacent to FIU, Terrazul boasts an array of modern amenities including a rooftop study lounge, a state-of-the-art fitness center, and a resort-style pool. This underscores our commitment to creating exceptional living experiences that cater to the increasing demand for top-tier student housing options in the area.”
Terrazul is situated across the street from the east entrance of FIU, the second largest university in Florida with almost 60,000 enrolled students across bachelors, masters, and doctoral degree programs. AARE Sunbelt and JW Capital Management aim to create a “walk to school” environment and provide quality student housing options for students at FIU. The project is also located seven miles from the University of Miami, with more than 17,000 enrolled students.
About AARE Sunbelt: AARE Sunbelt is currently developing four multifamily projects in South Florida totaling 1,675 units in addition to several build-to-rent projects across Florida, including 158 homes in Port St. Lucie and 133 townhomes in St. Cloud. AARE Sunbelt is an affiliate of Adam America Real Estate (AARE), a privately held real estate development and investment company. Founded by Dvir Cohen Hoshen and Omri Sachs in 2009, the company has grown to become a leader in the development of high-quality multifamily housing in the New York metropolitan area. In addition to New York, AARE is active in Florida and Connecticut.
AARE has grown to become a leader in the development of high-quality multifamily housing and student housing. The firm recently completed construction on Olive & Wooster, a combined multi-family and student housing development located at 87 Union Street in New Haven, Connecticut, just steps from Yale University. Olive & Wooster offers a collection of 299 residences including 41 collective living units designed for students and 8,000 square feet of retail space. The project is now leasing for fall 2023.
AARE identifies unique investment opportunities, raises funds from international and institutional investors, and manages all phases of development in-house. As a vertically integrated owner, developer and operator of residential real estate, AARE has actively developed over 2,100 residential units with an additional 1,300 units on the way totaling more than $1.5 billion of developed real estate assets. For more information, visit www.adamamericare.com
About JW Capital Management: Established in 2014, JW Capital Management is a real estate investment firm that is headquartered in New York City. The firm employs a situationally-opportunistic investment approach that has generated consistent returns irrespective of broader economic cycles. JW Capital Management engages in a broad range of real estate related activities including asset management and principal investing in debt and equity securities, real property, and real estate operating companies. Throughout its history, the firm has had particular success in the student housing sector and continues to be active investors in that asset class. For additional information about the firm, visit www.jwcmllc.com