Harbor Group Sells Florida Community for $223M
- Jun 21, 2021
Harbor Group International LLC has sold a 700-unit apartment community in the Miami-Fort Lauderdale suburb of Pembroke Pines, Fla., for nearly $222.7 million, marking the metro’s largest recorded multifamily sale this year.
The Class A property, City Center on 7th, spans 40 buildings near the intersection of Pines Boulevard and Palm Avenue. Harbor Group acquired the asset for $158.5 million in 2017 and proceeded to spend $2.7 million on interior maintenance and upgrades, the company said in an announcement.
The seller in 2017 was AVR Reality, which picked up the property from Mill Creek Residential in 2014, according to Yardi Matrix. Located at 10170 SW Seventh St., the community was built in two phases in 2014 and 2015. Amenities include a LEED Gold-certified clubhouse, a beach-entry outdoor pool, a fitness center, private garages and storage units.
Yardi Matrix shows that the community is roughly 95 percent occupied across a mix of one-, two- and three-bedroom and townhouse units. The property is nearby the Pembroke Lakes Mall, The Shops at Pembroke Gardens and Miramar Park of Commerce, a large business park that houses some 10,000 employees.
Harbor Group said in a statement that it generated strong returns on the investment, citing the company’s expertise in the South Florida market as well as an influx of businesses relocating to the region and driving demand for high-quality multifamily assets.
South Florida deals
Other major multifamily trades in the Miami and Fort Lauderdale area this year include Sterling American Property’s $154.4 million acquisition of Midtown 5 in Midtown Miami in early January. In Fort Lauderdale, Cortland picked up Parc Station for $91.7 million in January, renaming the community Cortland Hollywood.
The same buyer this month acquired Indigo Station, now Cortland Deerfield Station, for $66 million from Ram Real Estate, records reveal. The 226-unit community is located in the Deerfield Beach submarket of Fort Lauderdale.
The latest sale by Harbor Group comes after the privately held real estate investment and management firm boosted its holdings in the Southeast with the purchase of an eight-property portfolio for $306 million in March. All of the assets are located in North Carolina, except for one community in Hampton, Va.
Harbor Group also notched up one of the largest multifamily deals ever in January of last year by snapping up a 36-property apartment portfolio from Aragon Holdings for $1.8 billion. The 13,243-unit portfolio is located mainly in the South and Sunbelt regions, including Orlando.