13th Floor Investments, in partnership with Related Group, acquired a 2.3-acre in-fill development site along US-1, directly across from the Douglas Road Metrorail station in Miami, Florida in February 2025. The site is situated adjacent to our Link at Douglas mixed-use urban development.

The business plan calls for the phased development of approximately 745 units across two residential towers. The first phase will feature 395 condo units and 7,900 square feet of retail, drastically reducing the basis in the remaining venture and providing flexibility in executing the broader business strategy. This acquisition reinforces our long-standing investment thesis around transit-oriented development and adds to our deep pipeline in a submarket we have a longstanding track record in.