Harbor Group International Buys Miami High-Rise
Cushman & Wakefield brokered the sale of the two-tower community.
Affiliates of Harbor Group International have acquired ParkLine Miami, an 816-unit, luxury apartment community in downtown Miami from owner and developer Florida East Coast Industries. The sale price was not disclosed.
Cammeby’s International Group, AB Asset Management and Image Capital partnered with HGI on the purchase. This is not the first deal for HGI and Cammeby’s. In September, the two firms formed a joint venture to acquire a 41-property multifamily portfolio totaling 5,302 units throughout New Jersey for $1.05 billion.
Cushman & Wakefield brokered the Miami sale led by Robert Given, Troy Ballard and Zachary Sackley, who represented the seller.
Completed in 2020, ParkLine Miami is located at 100 NW 6 St. The asset consists of two 44- story and 47-story residential towers. A 2-acre sky park amenity deck 150 feet above street level connects the two towers. It is situated above MiamiCentral, a transportation and lifestyle hub spanning six downtown blocks that has access to transportation options including connectivity to four major transit lines: Brightline, Metrorail, Metromover and Tri-Rail.
The towers are also near retail and office spaces as well as major employment centers including Miami Worldcenter, Miami Heath District, Brickell City Centre, Fort Lauderdale, Aventura, Boca Raton, West Palm Beach and Orlando.
ParkLine Miami has studio, one-, two- and three-bedroom floorplans ranging in size from 630 to 2,865 square feet. Community amenities include infinity and lap swimming pools, a quarter-mile running track, indoor and outdoor fitness centers, basketball court, pet parks and a grooming spa, a business center with co-working spaces and landscaped areas for outdoor grilling and gatherings. All units, except for select studios, have private balconies or patios. Washers and dryers are located in all units.
HGI President Richard Litton said in a prepared statement ParkLine Miami provides a unique investment opportunity to acquire a world-class asset in a desirable, high-growth location with accessibility to major employment drivers and direct elevator access to all major regional and local transportation modes. He said he expects there will be continuing demand for luxury residential, transit-oriented developments in Miami and South Florida.
In January, HGI made its seventh multifamily investment in the Southern California region, acquiring Jefferson Vista Canyon, a 480-unit community in Santa Clarita, Calif., from JPI for an undisclosed price in a joint venture with Azure Partners. The acquisition was HGI’s seventh acquisition in the Southern California market, following its purchase last summer of The Olive Ridge Resort, a 220-unit garden-style community in Pomona, Calif., for $46.8 million.
Also in January, HGI acquired an eight-property housing portfolio in North Carolina’s Research Triangle for $475 million.