The 12-year-old, Virginia development-investment firm had purchased the 93% leased property at 1000 Broward Rd. in June 2001 from Watch Holdings Inc. of Jacksonville for $9 million or $31,250 per unit. Harbor Group invested another $3.5 million in exterior and interior renovations, bringing its effective acquisition cost to $12.5 million. The sale equates to a gross profit of $2.75 million.

"Island Pointe represents a tremendous success for Harbor Group International," says Chuck Patty, the company's chief investment officer. "We implemented our comprehensive rehabilitation program and successfully executed our exit strategy."

The 19-building property, with a full complement of recreational amenities, has one, two and three bedroom units. The asking average monthly rent is $770.