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Harbor pays $50M for Fontainebleau apartment building
Deal breaks down to $380K per unit
Harbor Group International bought the 275 FontaineParc apartment building in West Miami-Dade County for $50 million.
The Norfolk, Virginia-based real estate investment and management firm purchased the seven-story building at 275 Fontainebleau Boulevard from the property’s developers, Marlon Gomez of Gomez Development Group and Emir Dereli of the Dereli Family Office, according to a release from Gomez Development.
The property is in the Fontainebleau neighborhood, which is roughly southwest of State Road 826 and State Road 836 in unincorporated Miami-Dade.
The deal for the 133-unit building breaks down to $379,939.
275 FontaineParc, completed in 2020, was fully leased in six months in the midst of the pandemic, according to the release. It remains 100 percent occupied.
It has one- to three-bedroom units, ranging in size from 630 square feet to 1,230 square feet, according to Apartments.com.
Amenities include a pool, gym and a garage.
Gomez Development, also based in Fontainebleau, is a real estate developer and investor, according to its website. It has more than 1,100 multifamily units in the pipeline, the release states.
It also is developing a medical office building at 21291 Northeast 28th Avenue next to Aventura Hospital and Medical Center, after scoring a $45 million construction loan for the project in December.
The Dereli Family Office has been the anchor partner with Nadim Ashi’s Fort Partners on the Four Seasons Residences at the Surf Club in Surfside and the Fort Lauderdale Four Seasons Hotel & Residence, according to the release.
The developers paid off a $27.5 million loan they borrowed in 2020 from Benefit Street Realty Trust for 275 FontaineParc.
The Fontainebleau apartments sale comes on the heels of Harbor Group, led by CEO Jordan Slone, paying more than $400 million for the pair of ParkLine Miami apartment towers at Brightline’s downtown Miami station, marking a record multifamily deal in South Florida.
The South Florida apartment market has been robust, fueled by population influx and ensuing demand that has allowed rents to reach new heights. Miami had the nation’s biggest rent spike since the onset of the pandemic at 58 percent, according to Realtor.com.
This has fueled investment appetite for multifamily projects. In another recent deal, Boston-based GID paid $149.8 million for the 385-unit Céntrico by Windsor building at 8425 Northwest 41st Street in Doral last month.