Harbor Group International (HGI), a privately owned real estate investment and management firm, has acquired a luxury multifamily community developed by Florida East Coast Industries in downtown Miami. Completed in 2020, ParkLine Miami features 812 units in two 44- and 47-story residential towers.
With strong economic growth in South Florida, HGI now owns 1,105 units across five multifamily communities in Miami-Dade County.
“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,” said Richard Litton, president of HGI. “We are confident that the business environment in South Florida, and Miami specifically, will continue to thrive and the high demand will continue to soar as Miami marks itself as one of the most prominent international cities.”
The development is in a prime live-work-play destination, directly above MiamiCentral, a transportation and lifestyle hub spanning six downtown blocks with connectivity to four major transit lines—Brightline, Metrorail, Metromover, and Tri-Rail. In addition, a 2-acre sky park amenity deck connects the two towers. Enhanced amenity offerings include infinity and lap swimming pools, a quarter-mile running track, outdoor and indoor fitness centers, pet parks and a grooming spa, a business center with co-working spaces, and landscaped areas for outdoor grilling and gatherings.
“Florida East Coast Industries has embraced placemaking as a core strategy,” said Sarah Watterson, the firm’s head of development. “Since the inception of Brightline, downtown Miami has seen unprecedented daytime, residential, and leisure growth. This area has become a hub for people on the move who want to live and travel smarter. ParkLine Miami is the most well-positioned multifamily asset to meet and exceed the needs of this growing resident population.”
HGI partnered with Cammeby’s International Group, which manages a large portfolio of assets primarily in New York City and New Jersey, on the acquisition. The firms have teamed on several prior transactions, including the recent acquisition of a 5,302-unit portfolio in New Jersey. In addition, AB Asset Management and Image Capital partnered with HGI on the transaction.
Cushman & Wakefield brokered the sale, led by Robert Given, Troy Ballard, and Zachary Sackley, who represented the seller.