Harbor Group Pays Record Price for West Miami Community
The fully occupied property commanded $50 million.
Harbor Group International has acquired 275 FontaineParc, a 133-unit community in western Miami Dade. Gomez Development Group and the Dereli Family Office sold the property for $50 million. That equates to $379,939 per unit, a record price for a mid-rise asset in the submarket, according to the sellers. Westwood Realty Associates represented the seller and FM Capital facilitated the deal.
The development benefited from a $24.3 million construction loan provided by BridgeInvest and later from a $27.6 million loan from Benefit Street Partners, Yardi Matrix data shows, the latter being closed as a result of the sale. The property was sold at full occupancy, the sellers also mentioned.
Completed in 2020, the eight-story community comprises one-, two- and three-bedroom apartments, varying from 620 to 1,230 square feet with in-unit washers and dryers. Community amenities include a fitness center, a swimming pool and covered parking.
Located at 275 Fontainebleau Blvd., the property is within a mile of Mall of the Americas and within half a mile of a Walmart Supercenter, offering residents easy access to retail and dining options. The community, also close to bus stops connecting it to central Miami, is situated less than 8 miles from Miami International Airport.
Currently, Harbor Group International owns more than 57,000 units across the U.S., according to Yardi Matrix data. Just recently, the company bought ParkLine Miami, an 816-unit luxury asset developed by Florida East Coast Industries in downtown Miami.