The purchase marks HGI’s second multifamily acquisition in West Palm Beach this month
WEST PALM BEACH, Fla., June 29, 2023 /PRNewswire/ — Affiliates of Harbor Group International, LLC (“HGI”), a privately owned international real estate investment and management firm, today announced the acquisition of Pine Ridge, a 288-unit, newly developed multifamily community in West Palm Beach, Fla. The acquisition marks HGI’s second acquisition in the West Palm market this month, following the purchase of Locklyn West Palm.
The Pine Ridge apartments were developed by Resia in 2023. HGI will assume the in-place floating-rate debt on the property at an attractive spread, securing a two-year rate cap and refinancing with permanent fixed-rate debt once lease up is completed. Newmark’s Hampton Beebe and Avery Klann brokered the sale.
The community features one- and two-bedroom floorplans with open kitchen layouts, stainless steel appliances, in-unit washers and dryers and a private balcony or patio. Property amenities include a 24-hour fitness center, basketball court, multi-purpose clubhouse, resort-style swimming pool and a children’s play area.
“The South Florida market continues to be an area of focus for HGI as the region’s multifamily fundamentals remain strong,” said Yisroel Berg, Chief Investment Officer – Multifamily, HGI. “As the real estate market continues to evolve, we see opportunity in new developments, such as the Pine Ridge community, to capitalize on renter demand for high-quality apartment housing.”
With the acquisition of Pine Ridge, HGI’s investment portfolio comprises more than 4,000 apartment units in South Florida, spanning 16 properties. HGI recently worked with Resia in December 2022 to acquire Oak Enclave Miami, a 420-unit multifamily community in the Miami Gardens submarket.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.
SOURCE Harbor Group International, LLC