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Harbor pays over $400M for MiamiCentral apartments in record deal
Pair of downtown Miami towers, perched atop Brightline station, total 816 units
Harbor Group International bought the pair of ParkLine Miami apartment towers at Brightline’s downtown station for roughly $450 million, marking a record for a single multifamily asset sale, The Real Deal has learned.
The Norfolk, Virginia-based real estate investment and management firm bought the 44-story and 47-story buildings perched atop the MiamiCentral station from the developer, Florida East Coast Industries, according to a Harbor Group news release.
New York-based Cammeby’s International Group, Miami Beach-based AB Asset Management and Image Capital partnered with Harbor Group on the purchase.
The price was not officially disclosed but people familiar with the deal told TRD it was more than $400 million and less than $500 million, with some sources saying the price was roughly $450 million.
Miami-based FECI, the parent company of Brightline, completed ParkLine, with a total of 816 units, in 2020. The sale breaks down to nearly $500,000 per unit.
The towers are more than 96 percent occupied, according to Yisroel Berg, managing director of acquisitions at Harbor Group.
Robert Given and Troy Ballard led the Cushman & Wakefield team that brokered the sale. They had put ParkLine on the market for FECI in September, asking $500 million.
Parkline’s amenities include a 2-acre park that stands 150 feet above street level, infinity and lap swimming pools, a quarter-of-a-mile running track, outdoor and indoor fitness areas, pet parks and grooming spa, and workspace, according to the release.
MiamiCentral also has two office buildings, ground-floor retail and parking spaces, all of which FECI sold to Shorenstein for $159.4 million in 2019.
The ParkLine sale tops the highest priced multifamily deal in 2021, Starwood Property Trust’s $371 million purchase of The Palmer Dadeland pair of towers. It also tops 2020’s biggest deal, the $180 million sale of the Emera Port Royale and adjacent land in Fort Lauderdale.
The multifamily market continues to be robust because of population influx to the region, which has allowed landlords to increase rents and prompted investors to scoop up properties.
Last year, sales of multifamily projects in the tri-county region reached a record $11.4 billion, more than double the previous record of $5.5 billion in 2016, according to a Cushman & Wakefield report that anticipates another banner year in 2022.
Harbor Group, led by Chairman and CEO Jordan Slone, as well as President T. Richard Litton Jr., has been a multifamily player elsewhere in South Florida. It sold a 700-unit apartment complex in Pembroke Pines for nearly $223 million in June.