Westdale Real Estate Investment buys Wynwood Arts District resi portfolio

A 19-property portfolio in Miami's Wynwood Arts District has been purchased by an affiliate of Dallas-based Westdale Real Estate Investment Management for a combined $16.39 million. Most of the properties are single-family homes or small duplexes with the exception of two commercial properties fronting Northwest 2nd Avenue. The acquisition totals 3.45 acres and was recently mortgaged for $14 million through LegacyTexas Bank. The assemblage is a block north of Northwest 29th Street, one of the main roads into Wynwood’s commercial district. The city of Miami recently rezoned Wynwood district to allow for up to 150 units per acre.