Milestone Group has sold a garden apartment complex near Zoo Miami for USD 109 million. This amount is only two million US dollars more than the purchase price Milestone Group paid to acquire the property five years ago. The buyer is Harbor Group International (HGI), according to property records.
The complex in question, known as Emerald Palms Apartments, comprises 505 residential units. The 28-acre property includes 37 three-storey buildings, which were constructed between 1987 and 2004. The address of the complex is 12300 Southwest 151st Street, approximately one mile west of Florida’s Turnpike and north of Zoo Miami, near Kendall.
Transaction Details
The purchase price of USD 109 million corresponds to a value of approximately USD 215,800 per residential unit. The Norfolk, Virginia-based buyer HGI has assumed the seller's mortgage, which was modified and reactivated by Berkeley Point Capital at USD 97 million. This Freddie Mac loan is scheduled for maturity in 2033.
Dallas-based Milestone Group acquired the 528,142 square-foot property in 2021 for USD 107 million. At that time, rental prices significantly increased as many Americans moved to Florida during the pandemic. This sale shows a remarkably small appreciation in a market previously characterised by strong growth.
HGI's Expansion Strategy
Harbor Group International has pursued an aggressive expansion strategy in recent years. Four years ago, HGI invested over USD 400 million in the acquisition of ParkLine Miami, an 816-unit residential complex in Downtown Miami. This was one of the largest multifamily transactions in South Florida. Last year, the investor also acquired a portfolio of eleven buildings in the Sun Belt region for USD 625 million.
- —Emerald Palms Apartments: 505 residential units
- —Location: 12300 Southwest 151st Street, Miami
- —Purchase price: USD 109 million
- —Mortgage: USD 97 million (Freddie Mac loan)
Representatives for HGI and Milestone Group have not yet responded to requests for comment.
