Harbor Group Sells Pembroke Pines Apartment for $223M
City Center on 7th is within walking distance to a mix of retailers, restaurants and entertainment venues.
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.
The company generated strong returns on the investment, according to president Richard Litton, President, HGI. “The influx of business relocations to South Florida and resulting demand in high-quality multifamily assets for residents demonstrates HGI’s ability to identify and invest in high value markets and present competitive opportunities to our investors,” he said.