Gomez Development Group and the Dereli Family Office have sold its 133-unit, class-A multifamily property to Harbor Group International for $50 million, marking the highest price paid per door (at $379,939) for a mid-rise apartment complex in western Miami Dade. The property is located at 275 Fontainebleau Blvd.
Construction of the property was completed at the beginning of 2020. The seven-story mid-rise’s amenities include a community pool, fitness-training center and covered parking. It fully leased up and stabilized over a six-month period during the COVID-19 crisis. It is now operating at 100-percent occupancy while achieving some of the highest rental rates for this submarket.
The developer indicated it exited the investment because of significant cap-rate compression trending to sub-3 percent during the past year and the opportunity to gain substantial profits to redeploy into other projects in its pipeline.
“FontaineParc was a very special project t
