Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community

ParkLine Miami consists of two apartment towers with 44 and 47 floors. The development is located above MiamiCentral, a transportation hub.

MIAMI – Subsidiaries of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020.

The development is perched directly above MiamiCentral, a six-block transportation hub that connects to four major transit lines.

“ParkLine Miami’s investment represents a unique opportunity to acquire a world-class asset in a desirable, high-growth location with access to key job drivers and direct elevator access to all major regional modes of transportation. and locals,” said Richard Litton, president of HGI.

ParkLine Miami consists of two apartment towers with 44 and 47 floors. Connecting the two towers is a two-acre pleasure bridge located 150 feet above street level. Offerings include swimming pools, outdoor and indoor fitness centers, pet parks, a quarter-mile running track, and a business center with coworking spaces.

HGI, a private international property investment and management firm based in Norfolk, Va., now owns 1,105 units across five properties in Miami-Dade County. Cammeby’s International Group partnered with HGI for the transaction. Cammeby’s, which manages a portfolio of real estate assets located largely in New York, has partnered with HGI on several transactions, including HGI’s recent acquisition of a 5,302-unit portfolio in New Jersey .

AB Asset Management and Image Capital also partnered with HGI for the ParkLine Miami transaction.

Robert Given, Troy Ballard and Zachary Sackley of Cushman & Wakefield represented the Miami-based FECI, which is owned by subsidiaries of Fortress Investment Group, a global investor with about $54 billion in assets under management. FECI has two main activities: Brightline, a high-speed rail service; and real estate. FECI’s real estate business focuses on industrial and transit-oriented developments in Florida.

—Kristin Hiller