Gaia Real Estate has relocated its headquarters from New York City to Miami, as the private equity firm shifts its focus toward South Florida’s multifamily housing market. The move comes after a period when the migration of out-of-state companies to South Florida peaked in the years following the pandemic but has since slowed.
The company has established its new base at 8163 Northeast Second Avenue in Miami’s Little River neighborhood. Gaia first opened an office at this location earlier this year and is now expanding its presence with two additional leases starting early next year, bringing its total leased space to 5,000 square feet.
Gaia CEO Danny Fishman explained the reasoning behind the relocation in a statement: “Miami has ‘the right momentum’ for Gaia’s evolution.” Fishman said being closer to key markets was a significant factor in the decision.
Founded in 2009 by Fishman and Ken Woolley, Gaia previously operated primarily out of New York and has invested over $4 billion across more than 20,000 residential units nationwide. While shifting its headquarters to Miami, Gaia will maintain an office at Carnegie Hall Tower in New York. According to the company, it employs 35 staff members in New York and contracts about 150 employees at properties across the country. The Miami office will begin with 10 employees in January, and all future hiring will take place there. Some current New York staff are expected to relocate or work hybrid schedules between both cities.
In May, Gaia partnered with Moderno Development Group, based in Miami, to launch part of a $300 million investment fund aimed at purchasing and renovating or rebuilding single-family homes and townhomes in South Florida. Through their joint venture MILAS (Miami land and single-family), all new homes developed as part of this phase will be available for lease.
Doron Broman, CEO of Moderno Development Group, stated: “Monthly rents will range from $4,000 to $7,000,” according to comments made to The Real Deal in May. Moderno also owns the building at 8163 Northeast Second Avenue through an affiliate.
Beyond its partnership with Moderno, Gaia is pursuing value-add multifamily investments and operates a discretionary real estate investment trust (REIT) focused on new multifamily properties throughout the Sun Belt region—including South Florida. The REIT has invested about $300 million into more than 1,000 units located in Houston, Orlando, and Nashville.
Recent data show that apartment leasing activity in South Florida has slowed compared with post-pandemic highs when demand surged due to an influx of residents from states like New York and California. Developers responded by completing a record number of new units last year—18,600 apartments—surpassing net new leases by several thousand units according to CoStar Group data. This resulted in slower lease-ups and some decline in rents despite continued construction activity; during the year ending September 30th alone, construction began on over 14,500 apartments.
Despite these trends affecting traditional apartments, Broman said there remains high demand but limited supply for single-family and townhome rentals—the segment targeted by Gaia and Moderno’s latest initiative.
Gaia’s relocation signals that interest from New York-based firms seeking opportunities or advantages in South Florida may persist even as overall migration slows compared with previous years when many companies moved south due to relaxed lockdowns and favorable business conditions.
