Harbor Group International announced the sale of City Center on 7th, a Class A, 700-unit apartment community in suburban Miami, for $222.65 million.
HGI purchased the property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades. According to TRD, the buyer was AIR Communities, one of the country’s largest owners and operators of apartments, with 99 communities in 12 states and the District of Columbia.
Located within the Pembroke Pines submarket, City Center on 7th is within walking distance to a mix of retailers, restaurants and entertainment venues, including the Pembroke Lakes Mall and The Shops at Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area.
“HGI’s extensive ownership and operating history in South Florida enabled us to leverage our market expertise to execute a successful business plan and generate strong returns on this investment,” said Richard Litton, President, HGI.
“The influx of business relocations to South Florida and resulting demand in high-quality multifamily assets for residents demonstrates HGI’s ability to identify and invest in high value markets and present competitive opportunities to our investors.”
Built in two phases in 2014 and 2015, the property features a strong amenity package including a LEED Certified Gold clubhouse, resort style beach entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance.
In a separate announced HGI announced is had acquired Royal Athena, a Class A, 275-unit waterfront multifamily community in the greater Philadelphia area for $59.5 million.
Royal Athena is located in the newly rebranded Pencoyd Landing, home to a new $30 million, 11-acre redevelopment project that will soon become equipped with a public plaza, café, restaurant with terrace and access to trails and bike paths.