PEMBROKE PINES. FLA. — An affiliate of Harbor Group International LLC has acquired the 700-unit Montage at City Center in Pembroke Pines, a suburb of Miami, for $158.5 million.
Montage at City Center contains 12 mid-rise buildings and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. The property is currently 95 percent leased with an average market rent of $1.55 per square foot.
Montage at City Center was built in two phases between 2014 and 2015. Unit interiors feature formica countertops, espresso cabinetry, stainless steel appliances and hard-surface flooring. Property amenities include a LEED Gold-certified clubhouse, two resort-style pools, a fitness center, business center, game room and demonstration kitchen. Private garages and storage units are also available for rent.
The multifamily complex is located adjacent to Pembroke Pines City Center, a 47-acre mixed-use project that will feature retail, office and residential components. Terra Group is developing the project. Phase I will deliver 200,000 square feet of retail anchored by a 45,600-square-foot Publix. Phase II will add 450 apartments and 100,000 square feet of office.
The City of Pembroke Pines is also building a $60 million civic and cultural center, which includes a new city hall, 3,500-seat performance space, standalone commission chamber and 1,000-square-foot arts center. The Montage at City Center will be situated less than a mile from this development.
Robert Given, Zachary Sackley, Troy Ballard, Neal Victor and Aaron Mandel of Cushman & Wakefield represented the seller, AVR Realty Company, in this transaction.
— Nellie Day