Oak Row Equities has acquired 49 Northwest 5th Street in Downtown Miami, where it plans to develop First & Fifth, a 45-story multifamily tower. The site was purchased off-market for $38.5 million with seller financing and is located across from MiamiCentral Station, the hub for South Florida’s major train systems. The 700,000-square-foot tower is being designed by ODP Architecture & Design, drawing inspiration from Miami’s turn-of-the-century Venetian architecture while incorporating modern amenities. Colliers Executive Managing Director Mika Mattingly, Senior Associate Cecilia Estevez of the South Florida Urban Core Team, and Vincent Pastore of Pastore and Associates represented the seller in the transaction.