300 Luxury Apartments Have Been Leased At Midtown 5 In One Year

Demand for apartments has been strong at the recently opened Midtown 5 apartment building in Midtown Miami.

Since opening just over a year ago, the 400 unit building has achieved 75% occupancy, a spokesperson told The Real Deal this week.

Prices have been advertised at around $3 per square foot.

Owner Magellan Development was able to refinance an $80 million construction loan to a longer term $90 million last month.

Additionally, Magellan has started construction on the 447-unit Midtown 6 next door, financed with a $110 million loan.

 

midtown 6 rising between midtown 5 and midtown 8 on feb. 19: