Harbor Group International has sold a 700-unit apartment community in suburban Miami for $222.65 million. The company acquired the property, called City Center on 7th, in 2017 for $158.5 million and subsequently invested an additional $2.65 million in interior maintenance and upgrades.
Located within the Pembroke Pines submarket, City Center on 7th is within walking distance to a mix of retailers, restaurants and entertainment venues, including the Pembroke Lakes Mall and The Shops at Pembroke Gardens. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area.
Built in two phases in 2014 and 2015, the property has a clubhouse, beach entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
