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Ascentris and its partners have finalized a multi-phase repositioning and partial redevelopment of Westside Plaza, a three-building office campus in Doral. The property totals 382,637 square feet across Westside Plaza I, II and III. The strategy concluded with the sale of Westside Plaza I and III as a stabilized office portfolio and the launch of a residential redevelopment at Westside Plaza II.
The ownership group, which includes Highline Real Estate Capital and Square2 Capital alongside Ascentris, originally acquired the campus in 2021. Their multi-year business plan focused on concentrating tenancy within the office component, upgrading the office assets and unlocking a portion of the site for residential use. This approach created two distinct value streams: a stabilized office investment and a multifamily redevelopment opportunity.
As part of the plan, the joint venture acquired the existing office building that sits on the Westside Plaza II site for $26,500,000. The partnership then moved forward with a comprehensive redevelopment that will convert the building into a 380-unit multifamily rental community. For this phase, the group brought in ZOM Living as a partner on the residential project, aligning institutional capital with a multifamily specialist.
To capitalize the redevelopment of Westside Plaza II, the joint venture secured a $92,300,000 construction loan from PNC Bank. The financing supports the transformation of the former office asset into a large-scale rental community, reflecting ongoing lender appetite for residential projects backed by established sponsors. The loan represents a significant component of the capital stack for the Westside Plaza II conversion.
On the investment sales side, the disposition of Westside Plaza I and III was brokered by CBRE. The team of Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee handled the sale assignment, marketing the stabilized office buildings as a separate portfolio from the redevelopment component. The transaction separated mature office cash flow from the higher-return, higher-risk redevelopment effort at Westside Plaza II.
Through this multi-phase execution, the partnership repositioned the Doral campus from a purely office use into a mixed office and residential asset, while crystallizing value from the stabilized office component. The combination of an office portfolio sale, a major construction loan and the introduction of a 380-unit rental community underscores how sponsors are reshaping existing office properties to meet evolving demand.
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