The Coral Gables-based Location Ventures, led by Rishi Kapoor, has closed on the Washington Avenue assemblage where they have planned Urbin Retreat Miami Beach for $20 million. The acquisition was financed with at $14 million mortgage assumed from the seller, Fryd Properties. The assemblage includes a 10,697 SF retail property at 1260 Washington Ave. and an office building at 1234 Washington Ave.

Prior to closing, Location Ventures has had the Urbin Retreat Miami Beach project in the works since at least 2019. Urbin Retreat Miami Beach is designed by Touzet Studio was approved by Miami Beach’s Historic Preservation Board and Planning Board in August 2020. Urbin Retreat Miami Beach will be a co-living, co-working and wellness platform featuring 60 residential units for a combined 120 bedrooms, retail, co-working space, a rooftop bar and a ground floor restaurant and bar.