MIAMI, June 21, 2021 / PRNewswire / –Harbor Group International, LLC (“HGI”), a privately owned company in investment and real estate management, announced today the sale of City Center at 7th, a community of Class A apartments, 700 units in the suburbs Miami, for $ 222.65 million. HGI bought the property in 2017 for $ 158.5 million and after the purchase invested an additional $ 2.65 million in internal maintenance and updates.
Located inside Pembroke Pines under the market, City Center at 7th is within walking distance to a mix of retailers, restaurants and entertainment venues, including Pembroke Lakes Mall and Shops in Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Trade Park, an industrial and business park that contains more than 5.4 million square feet of commercial space and houses several employers in the area.
“Extensive ownership and history of HGI operation in South Florida “enabled us to use our market expertise to execute a successful business plan and generate strong returns on this investment,” he said. Richard Litton, President, HGI. “The flow of business relocations in South Florida and the demand that results in high quality multifamily assets for residents demonstrates HGI’s ability to identify and invest in high value markets and present competitive opportunities for our investors. “
Built in two phases in 2014 and 2015, the property features a solid convenience package including a LEED Certified Gold club, style beach access pool, fitness center, business center, demonstration kitchen, games room, private garages, units storage and 24 hour emergency maintenance.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private equity investment and real estate management firm that controls a $ 13.5 billion worldwide asset portfolio. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate properties include 4.3 million square feet of commercial property and 48,000 apartment units. For additional information, please visitwww.harborgroupint.com.
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SOURCE Harbor Group International, LLC
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