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Harbor Group buys 505-unit Emerald Palms Apartments for $109M
The deal values the property at about $215,800 per unit and leaves a $97 million assumed mortgage that matures in 2033, according to property records.
Harbor Group International has agreed to buy the Emerald Palms Apartments, a 505-unit garden-style multifamily property near Zoo Miami in Florida, for $109 million, Commercial Observer reports based on property records.
The 28-acre site at 12300 Southwest 151st Street includes 37 three-story buildings built between 1987 and 2004, and the purchase works out to roughly $215,800 per unit.
Milestone Group previously bought the asset in 2021 for $107 million, Commercial Observer notes, and the re-sale price reflects a gain of about $2 million over that five-year period.
Harbor Group also assumed the seller’s mortgage, which Berkeley Point Capital modified and reinstated to $97 million, with the Freddie Mac loan scheduled to mature in 2033, Commercial Observer adds.