Harbor Group International Acquires ParkLine Miami Multifamily From Florida East Coast Industries

The property asset involved in the transaction is ParkLine Miami, an 816-unit luxury apartment community situated at 100 NW 6 St, Miami, FL, 33136. The market for this asset is Miami, and it consists of two apartment towers rising 44 and 47 stories, completed in 2020. The property features a two-acre amenity deck located 150 feet above street level, including pools, fitness centers, pet parks, a running track, and a business center with coworking spaces.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: Not disclosed (reported asking price was $500 million)
• Seller: Florida East Coast Industries (FECI)
• Buyer: Harbor Group International
• Seller's Representatives: Robert Given - CBRE, Troy Ballard - Cushman & Wakefield, Zachary Sackley - CBRE
• Buyer Affiliates: Cammeby’s International Group, AB Asset Management, Image Capital

Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Virginia, facilitated the acquisition of ParkLine Miami. HGI, which now owns 1,105 units across five properties in Miami-Dade County, considers this investment a unique opportunity in a prime location with access to major transit lines. FECI's portfolio also includes the Brightline high-speed rail service and various industrial and transit-oriented developments throughout Florida.