Milestone sells complex near Zoo Miami for $109M amid cooling multifamily i-sales market

Harbor Group International beefed up its South Florida portfolio with a $109 million purchase of an over 500-unit apartment complex near Zoo Miami.  The deal, which marked a $2 million gain from the property’s 2021 price, comes amid a cooling multifamily investment market in the region amid higher costs, elevated interest rates and pressure on property values.  Norfolk, Virginia-based Harbor Group bought the 505-unit Emerald Palms, at 12315 Southwest 151st Street in unincorporated Miami-Dade County, from Dallas-based The Milestone Group, according to records and real estate database Vizzda. The purchase breaks down to $215,842 per apartment.  The buyer assumed the […]

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