Transactions - JUNE 22, 2021

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Harbor Group International sells suburban Miami multifamily community for $222m

by Andrea Zander

Harbor Group International has sold City Center on 7th, a class A, 700-unit apartment community in suburban Miami, for $222.65 million. HGI purchased the property in 2017 for $158.5 million and, upon acquisition, invested an additional $2.65 million in interior maintenance and upgrades.

The new owner was not disclosed.

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, an outdoor lifestyle center. 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 features a strong amenity package including a LEED Certified Gold clubhouse, resort-style beach entry pool, fitness center, business cen

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