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Harbor Group buys 505-unit Emerald Palms for $109M in Kendall
The seller’s prior $107M purchase in 2021 was later reflected by Berkeley Point Capital’s $97M restated mortgage, now with a new maturity date in August 2033.
Harbor Group International has acquired Emerald Palms, a 505-unit garden apartment complex near Zoo Miami in Kendall, for $109 million from Milestone Group, according to ConnectCRE. The deal follows Milestone Group’s earlier purchase of the same property for $107 million in 2021.
The South Florida Business Journal reports that Harbor Group assumed the seller’s mortgage. Berkeley Point Capital restated that mortgage at $97 million and set a new maturity date in August 2033.
Emerald Palms spans 28.25 acres and totals 528,142 square feet across three stories, built between 1985 and 1989, with some units completed during a 2004 expansion. Amenities include a clubhouse, a fitness center, two pools, and a playground, while unit sizes range from 711 to 1,329 square feet and rents run from $1,785 to $3,205, ConnectCRE said.