Harbor Group International Acquires Luxury Apartment Community in Miami from Florida East Coast Industries

News provided by

Mar 16, 2022, 09:00 ET

MIAMI, March 16, 2022 /PRNewswire/ -- Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced their acquisition of ParkLine Miami. ParkLine Miami is an iconic 816-unit, luxury apartment community in Downtown Miami developed by Florida's oldest and largest real estate and infrastructure development company, Florida East Coast Industries ("FECI").

The development is perched directly above MiamiCentral, a thriving transportation and lifestyle hub spanning six downtown city blocks. It is a unique live-work-play destination with unrivaled transportation options including connectivity to four major transit lines: Brightline, Metrorail, Metromover and Tri-Rail. With over 10 million riders projected to travel through each year, MiamiCentral is transforming Miami's urban landscape.

"The ParkLine Miami investment represents a unique opportunity to acquire a world-class asset in a desirable, high-growth location with accessibility to major employment drivers and direct elevator access to all major regional and local transportation modes," said Richard Litton, President of HGI. "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."

Completed in 2020, the ParkLine Miami development consists of two 44- and 47-story high-rise luxury residential towers. Connecting the two towers is a two-acre sky park amenity deck set 150 feet above street level. The building's enhanced offerings include both infinity and lap swimming pools, a quarter-mile running track, outdoor and indoor fitness centers, pet parks and a grooming spa, a business center with co-working spaces and landscaped areas for outdoor grilling and gatherings.

"Florida East Coast Industries has embraced placemaking as a core strategy," said Sarah Watterson, the head of development for FECI. "Since the inception of Brightline, downtown Miami has seen unprecedented daytime, residential and leisure growth. This area has become a hub for people on the move who want to live and travel smarter. ParkLine Miami is the most well-positioned multifamily asset to meet and exceed the needs of this growing resident population."

Located in the center of Downtown Miami, the towers are proximate to a variety of prominent retail and office spaces and provide unprecedented immediate access to all South Florida transit lines and international air travel in one location. Residents will be connected to a total of 75 different rail stations across South and Central Florida, providing excellent access to employment centers, including Miami Worldcenter, Miami Health District, Brickell City Centre, Fort Lauderdale, Aventura, Boca Raton, West Palm Beach and Orlando.

In the midst of historic economic growth in South Florida, HGI now owns 1,105 units across five properties in Miami-Dade County.

Cammeby's International Group ("Cammeby's") partnered with HGI on the transaction. Cammeby's, founded in 1967, manages a large portfolio of real estate assets, mainly located in Manhattan, Brooklyn, Staten Island, Queens and New Jersey. Cammeby's has partnered with HGI on several transactions, including HGI's recent acquisition of a 5,302-unit portfolio of properties in New Jersey.

AB Asset Management and Image Capital also partnered with HGI on the transaction.

Cushman & Wakefield brokered the sale led by Robert Given, Troy Ballard and Zachary Sackley, who represented the seller in the transaction.

About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of $18 billion including 4.9 million square feet of commercial space throughout the United States and the United Kingdom and 60,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.

About Florida East Coast Industries
Headquartered in Miami, Florida, FECI is owned by affiliates of Fortress Investment Group, a leading global investor with approximately $54 billion of assets under management as of September 30, 2021. FECI has two primary business lines: 1) Brightline Trains and 2) Real Estate Holdings. Brightline is the only provider of modern, eco-friendly, high-speed rail service in America. The company currently operates between Miami, Fort Lauderdale and West Palm Beach in Florida and is scheduled to complete construction to the Orlando International Airport by the end of 2022. Brightline was recognized by Fast Company as one of the Most Innovative Companies in travel, offering a guest-first experience designed to reinvent train travel and take cars off the road. Brightline plans to bring its award-winning service to additional city pairs and congested corridors across the country that are too close to fly and too long to drive, with immediate plans to connect Las Vegas to Southern California. FECI's real estate holdings business is focused on forward-thinking industrial and transit-oriented developments in Florida.