Dealmaker: Harbor Group International Acquires Miami Multifamily for $185M

Harbor Group International LLC, Norfolk, Va., acquired Miro Brickell, a 372-unit Class A multifamily property in Miami’s Brickell neighborhood, for $184.5 million.

The acquisition marked the seventh property HGI owns in Miami-Dade County, totaling more than 1,500 units.

Miro Brickell’s location offers access to various employment and entertainment centers throughout Miami. The property is minutes away from I-95 and Brickell’s Metrorail and Metromover stations, connecting residents to downtown Miami, downtown Doral and Miami International Airport.

As Miami experiences increased corporate relocations, Miro Brickell is walkable to more than 8 million square feet of office space. Several financial and technology providers have relocated to the neighborhood, including Microsoft, Apollo Global Management and Millennium Management and Citadel, which recently announced plans to move its global headquarters to Brickell.

“Miami is a priority market for HGI given its long-term multifamily fundamentals driven by corporate expansions and in-migration trends, leading to strong investment opportunities,” said Richard Litton, President of HGI.

Miro Brickell delivered in 2017.