Harbor Group International Buys ParkLine Miami in Record Residential Deal
By Julia Echikson March 17, 2022 4:25 pm
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A Harbor Group International (HGI)-led joint venture bought the newly built ParkLine Miami apartment complex for over $400 million in a record residential deal, HGI announced.
The ParkLine development, located at 100 NW 6 Street in Downtown Miami, sits atop the MiamiCentral station where the Brightline train line ends. The complex, completed last year, consists of two 44- and 47-story towers, totaling 816 apartments. Last year, monthly rental rates ranged between $1,850 and $4,295.
A person with direct knowledge of the transaction said the buyers paid between $400 and $500 million. The seller, Florida East Coast Industries (FECI), put the property on the market with a $500 million asking price last September.
Cammeby’s International Group, AB Asset Management and Image Capital partnered with HGI to buy the property.
The Parkline acquisition exceeds 2021’s biggest residential buy in gross terms across South Florida. Barry Sternlicht’s Starwood Property Trust topped the list when it dropped $371 million for a 349-unit complex in the Dadeland suburb of Miami.
“We are confident that the business environment in South Florida, and Miami specifically, will continue to thrive and the high demand for luxury residential, transit-oriented developments will continue to soar as Miami marks itself as one of the most prominent international cities,” Richard Litton, president of HGI, said in a statement.
Today, best known for being Brightline’s parent company, FECI was founded by one of Florida’s forefathers, oil and railway magnate Henry Flagler, in the late 19th century.
FECI’s business strategy for Brightline is as much about running a train line as it is about selling real estate. The firm has sold developable land and developments near Brightline stations over the years. Last year, private equity giant Blackstone bought an office complex, also connected to MiamiCentral, for $230 million with plans to station its own office there.
Julia Echikson can be reached at jechikson@commercialobserver.com.
