Harbor Group International Acquires Miami Community

Resia sold the 420-unit mid-rise building after completing the residential project in June 2022.

Oak Enclave. Image courtesy of Resia

Harbor Group International LLC has made its eighth acquisition in the Miami-Dade area with the purchase of Oak Enclave Miami. The Virginia-based company acquired the 420-unit community from Resia for an undisclosed sales price. Cushman & Wakefield’s Robert Given and Troy Ballard brokered the sale, representing both the buyer and seller. As the new owner, HGI will assume the in-place loan on the community that was provided by Wells Fargo.

Resia completed Oak Enclave Miami in June 2022, constructing it with one-, two- and three-bedroom units ranging from 620 to 1,050 square feet. The units feature private balconies or patios, in-unit washers and dryers, 10-foot ceilings and stainless steel appliances. Resia also built the community with a fitness center, multipurpose clubhouse, playground, pool and 24-hour monitored gate access.

Located on a 14-acre site at 2301 NW 167th St., Oak Enclave Miami has nearby access to the city’s several highways, including the Palmetto Expressway, I-95 and the Florida Turnpike that connects residents to other major Miami-area cities like Aventura, Hollywood and Fort Lauderdale. In terms of public transportation, the community is also located near the Golden Glades Tri-Rail Station that provides a short commute to the area’s major employers with the Miami Health District and the Miami International Airport.

Richard Litton, president at HGI, said in prepared remarks that the Miami metro is still seeing strong in-migration as the company is seeing opportunities in submarkets like Miami Gardens.

Building up a major Miami portfolio

Prior to its acquisition of Oak Enclave Miami, HGI was on a buying spree of communities in the Miami area earlier in the year. In March, the company acquired a 816-unit luxury community in downtown Miami that was recently completed in 2020. A month later, HGI acquired a 133-unit community in western Miami-Dade County for $50 million. The Oak Enclave Miami acquisition also comes several months after HGI acquired another 372-unit community in Miami for $184.5 million in July.

“HGI remains bullish on the South Florida and Miami multifamily market and continues to evaluate transactions supported by strong fundamentals on a case-by-case basis,” Yisroel Berg, managing director of acquisitions at HGI, told Multi-Housing News.

HGI’s Miami portfolio now totals nearly 2,000 units, but the company made acquisitions totaling more than 4,000 multifamily units across the U.S. in the second half of the year. Throughout the year, HGI has been investing in both commercial and multifamily properties, completing a total of $6.7 billion in transactions in both acquisitions and dispositions.

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