BOCA RATON, FL – Harbor Group International, a privately held international real estate investment and management firm, announced the acquisition of The Heritage, a Class A multi-family community of 248 units in Boca Raton, Florida for $ 81 million. Newmark Knight Frank's Hampton Beebe and Avery Klann coordinated sales. Abe Hirsh and Zev Karpel from Meridian Capital, along with Henry Stimler and Bill Weber from Newmark Knight Frank, coordinated the financing of the deal.
The Heritage consists of four medium-sized residential buildings located one mile west of the beaches of the Atlantic Ocean. The property is near convenient transportation including Palmetto Park Road and I-95, and has access to the employment centers of West Palm Beach, Fort Lauderdale and Miami. The Heritage is also close to several shopping, recreation and entertainment options, including Mizner Park and the city center at Boca Raton Mall.
In addition, The Heritage offers an extensive range of amenities such as a resort-style pool and hot tub, outdoor kitchen, 24-hour fitness center, dry sauna, movie theater and private detached garages. HGI will continue to implement the property's value creation program set up by the seller, including upgrading some of the units with new equipment and fixtures.
"The South Florida market has done exceptionally well in the current economic environment," said Richard Litton, President of HGI. "As a well-located luxury property with desirable amenities, we believe The Heritage will be a sought-after asset as the area attracts more renters."
The purchase of The Heritage adds to HGI's significant footprint of over 4,000 units in Florida. The company also owns multi-family communities in Orlando, Fort Lauderdale, and Doral in addition to other high-growth markets.
Source: Harbor Group International