MIAMI — Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020.
The development is perched directly above MiamiCentral, a transportation hub spanning six city blocks that connects to four major transit lines.
“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,” says Richard Litton, president of HGI.
ParkLine Miami consists of two apartment towers rising 44 and 47 stories. Connecting the two towers is a two-acre amenity deck set 150 feet above street level. Offerings include pools, outdoor and indoor fitness centers, pet parks, a quarter-mile running track and a business center with coworking spaces.
HGI, a privately owned international real estate investment and management firm based in Norfolk, Va., now owns 1,105 units across five properties in Miami-Dade County. Cammeby’s International Group partnered with HGI on the transaction. Cammeby’s, which manages a portfolio of real estate assets largely located in New York City, has partnered with HGI on several transactions, including HGI’s recent acquisition of a 5,302-unit portfolio in New Jersey.
AB Asset Management and Image Capital also partnered with HGI on the ParkLine Miami transaction.
Robert Given, Troy Ballard and Zachary Sackley of Cushman & Wakefield represented Miami-based FECI, which is owned by affiliates of Fortress Investment Group, a global investor with roughly $54 billion of assets under management. FECI has two primary business lines: Brightline, a high-speed rail service; and real estate holdings. FECI’s real estate business is focused on industrial and transit-oriented developments in Florida.
— Kristin Hiller