MIAMI, FL – Harbor Group International, a privately held international real estate investment and management company, announced the sale of City Center on 7th, a 700-unit Class A residential development in suburban Miami, for $ 222.65 million. HGI purchased the property in 2017 for $ 158.5 million and invested an additional $ 2.65 million in interior maintenance and modernization after the purchase.
Located in the Pembroke Pines submarket, City Center on 7th is within walking distance of a mix of retailers, restaurants, and entertainment, including 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 commercial park with more than 5.4 million square feet of commercial space and multiple employers in the area.
"HGI's extensive history of ownership and operations in South Florida has enabled us to use our market expertise to execute a successful business plan and generate a strong return on this investment," said Richard Litton, President of HGI. "The influx of corporate relocations to South Florida and the resulting demand for high quality apartment buildings for residents demonstrates HGI's ability to identify and invest in high quality markets and to provide competitive opportunities for our investors."
The property was built in two phases in 2014 and 2015 and offers a strong package of amenities including a LEED certified gold clubhouse, resort-style beach access pool, fitness center, business center, demonstration kitchen, game room, private garages, Storage rooms and a 24 hour emergency maintenance.
Source: International port group
