HGI Strikes Again in Miami, Dropping $50M For Rental Near Sweetwater
By Julia Echikson April 15, 2022 5:01 pm
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Harbor Group International paid $50 million for a new multifamily property near Sweetwater in western Miami-Dade County, the sellers announced.
The property, at 275 FontaineParc and located at 275 Fontainebleau Boulevard, sits between the Dolphin Expressway and W Flagler Street, along NW 87th Avenue. The 194,033-square-foot property features 133 apartments, all of which are leased, according to the sellers, Gomez Development Group and the Dereli family office.
The sale equates to $375,939 per unit. The joint venture chose to sell because of South Florida’s hot multifamily market and resulting cap rate compression, and to redeploy capital into other projects in their pipeline.
“If we were going to sell in this market it had to be at a premium and that’s exactly what we achieved at $50 million” Marlon Gomez, who leads the Miami-based Gomez Development Group, said in a statement.
The pair bought the 2.2-acre lot for $5.7 million in 2017, completing the seven-story building three years later, during the height of the pandemic. Benefit Street Realty Trust provided the joint venture with a $27.5 million loan in 2020, which the sellers say they’ve paid off.
The purchase comes only a month after HGI dropped over $400 million for an apartment complex in Downtown Miami — which remains South Florida’s largest gross residential acquisition this year.
A representative for Harbor Group did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
