Affiliates of Harbor Group International (HGI), a privately owned international real estate investment and management firm based in Norfolk, Virginia, acquired the 420-unit Oak Enclave Miami in Miami Gardens, Florida. The acquisition of the mid-rise community marks the eighth property under HGI’s ownership in Miami-Dade County, with its portfolio nearing 2,000 units.
Oak Enclave Miami was completed in June. According to HGI, it will assume the in-place loan for the property and will work to finish the lease-up and stabilization upon assuming ownership and management. Cushman & Wakefield’s Robert Given and Troy Ballard brokered the sale.
“Through our deep knowledge of the Miami multifamily market, we were able to coordinate with the seller to acquire this asset at an attractive basis and close on a fast timeline,” said president Richard Litton. “As the Miami MSA continues to experience strong in-migration, both outside of and within Florida, we see opportunity in submarkets such as Miami Gardens as residents seek well-located housing at an affordable price point.”
Oak Enclave Miami is in a commuter-centric location near several transportation corridors with access to the area’s employment centers. In addition, residents have access to a 24-hour fitness center, a multipurpose clubhouse, a playground, and a swimming pool. The community sits on 14 acres, with over a third of the property designated as outdoor space.
Even amid market volatility, HGI has remained an active investor in commercial and multifamily real estate. Last year, the firm completed $6.7 billion in both transactions and dispositions. In the second half of 2022, it acquired 10 multifamily properties, totaling over 4,000 units, inclusive of Oak Enclave Miami.
It closed on a large acquisition earlier in December, a 932-unit garden-style community in Manchester, Connecticut, through a joint-venture partnership with Cammeby’s International Group. The Pavilions, just outside of Hartford, was built in two phases in 1990 and 1992 and features a mix of studio, one-, two-, and three-bedroom apartments.
“The Pavilions acquisition represents HGI’s ability to identify and transact on attractive investments at all cycles of the market,” added Litton. “In an environment of increased interest rates, we are confident that the investment will benefit from the long-term financing with a below-market rate.”