Ascend Properties has broken ground on the 179-unit Metropolitan in Wilton Manors, a property with some back story: Located at 1224 NE 24th St, the development site until recently was home to a mobile home park damaged by Hurricane Katrina, but not before it served as the setting for Striptease, with Demi Moore and Burt Reynolds. "The current real estate cycle is characterized by strong competition for sites in desirable neighborhoods like Wilton Manors,” says Ascend principal Richard Finkelstein (center, flanked by principals Dean Borg and Michael Wohl). The partners were able to obtain the site in an off-market deal from the family that had owned it for generations, working with Wilton Manors officials on development plans to elevate the property’s appeal and value.
The three Florida real estate vets, who collectively have delivered more than 10,000 residential units throughout Florida, recently formed Ascend Properties. Besides Metropolitan (pictured), their other current project is the 100-unit Pointe 100 in Boca Raton, condos that broke ground this summer. Another characteristic of the market for South Florida multifamily is the race to provide amenities, Dean tells us. “Any new multifamily property must distinguish itself,” he says, citing such resort-style amenities as spacious floor plans and closets, a massage room in modern fitness facilities, herb gardens, dog parks and car wash detail stations, in addition to a responsive on-site management team.
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