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An Ascentris-led partnership has completed a multi-phase repositioning of Westside Plaza, an office campus in Doral that totals 382,637 square feet across three buildings. Working with Highline Real Estate Capital and Square2 Capital, the group pursued a strategy that combined office stabilization with a significant residential redevelopment component, culminating in both a portfolio sale and a ground-up multifamily conversion.
The partnership originally acquired the campus in 2021 and implemented a multi-year plan to concentrate office tenancy and enhance the office assets while carving out a portion of the property for residential use. This approach was designed to separate the campus into two distinct value streams: a stabilized office portfolio and a redevelopment opportunity aimed at multifamily rental housing.
As part of the strategy, Westside Plaza I and III were positioned as a stabilized office portfolio and subsequently sold. The disposition of these two office buildings marked the realization of one leg of the partnership’s business plan, while Westside Plaza II was reserved for a change of use. The sale of Westside Plaza I and III was brokered by CBRE, with a team that included Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee.
Westside Plaza II followed a different path. The joint venture acquired the existing office building for $26.5 million as a step toward its redevelopment. That asset is now being transformed into a 380-unit multifamily rental community through a partnership with ZOM Living, reflecting a shift from traditional office use toward residential demand at the property.
To capitalize the redevelopment of Westside Plaza II, the group secured a $92.3 million construction loan from PNC Bank. The financing supports the conversion of the former office building into a large-scale multifamily community, aligning the physical use of the property with the partnership’s objective of unlocking additional value through residential development.
Across the campus, the combination of asset enhancement, office tenant concentration, disposition activity and a major office-to-multifamily conversion underscores the execution of a multi-faceted repositioning plan. The completion of this strategy positions Westside Plaza I and III as a realized office investment and Westside Plaza II as a sizable new multifamily project, with several investment partners and a national lender playing defined roles in the outcome.
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