Harbor Group International Acquires Pine Ridge Apartment Complex In West Palm Beach For $75M

The Pine Ridge apartment complex located at 6200 Wallis Road in West Palm Beach has been sold in a transaction worth $75 million. The multifamily property consists of 288 units, with each unit's price per unit averaging at $260,417. The sale was completed between the buyer, Harbor Group International, represented by Jordan Slone, and the seller, Resia, represented by Ernesto Lopes.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $75,000,000
• Units: 288
• Price Per Unit (PPU): $260,417
• Date: 08/15/2023
• Address: 6200 Wallis Road, West Palm Beach
• Market: West Palm Beach

This sale follows Harbor Group International's recent acquisition of Locklyn West Palm for $105.5 million in June. Additionally, the Pine Ridge apartment complex purchase includes a potential $2 million bonus for Harbor Group International if the occupancy rate reaches 94 percent, thus increasing the total sale price to $77 million. The deal signifies Harbor Group International's continued expansion and investment in the West Palm Beach market.