MiamiCentral Apartments Trade In Record Deal


Harbor Group International bought the pair of ParkLine Miami apartment towers at Brightline’s downtown station for roughly $450 million, marking a record for a single multifamily asset sale.

The Norfolk, Virginia-based real estate investment and management firm bought the 44-story and 47-story buildings perched atop the MiamiCentral station from the developer, Florida East Coast Industries, according to a Harbor Group news release.

New York-based Cammeby’s International Group, Miami Beach-based AB Asset Management and Image Capital partnered with Harbor Group on the purchase.

The price was not officially disclosed but people familiar with the deal stated it was more than $400 million and less than $500 million, with some sources saying the price was roughly $450 million.

Miami-based FECI, the parent company of Brightline, completed ParkLine, with a total of 816 units, in 2020. The sale breaks down to nearly $500,000 per unit.

The towers are more than 96 percent occupied, according to Yisroel Berg, managing director of acquisitions at Harbor Group.

Robert Given and Troy Ballard led the Cushman & Wakefield team that brokered the sale. They had put ParkLine on the market for FECI in September, asking $500 million.

Parkline’s amenities include a 2-acre park that stands 150 feet above street level, infinity and lap swimming pools, a quarter-of-a-mile running track, outdoor and indoor fitness areas, pet parks and grooming spa, and workspace, according to the release.

Source: The Real Deal