Resia Sells Miami Gardens Rental Complex to Harbor Group

Harbor Group International paid $113 million for a Miami Gardens apartment complex.

Resia sold Oak Enclave Miami at 2301 Northwest 167th Street before year-end, after completing the 420-unit community in June, according to a Harbor Group news release.

Robert Given and Troy Ballard of Cushman & Wakefield represented the seller.

The deal closed through the purchase of the ownership stake in the selling entity, records show. Resia’s parent company, Brazilian publicly traded homebuilding and real estate firm MRV, announced the sale price. It added that the trade generated $47.6 million in net proceeds and $26.7 million in gross profit.

The deal breaks down to over $269,000 per apartment.

Oak Enclave consists of five residential buildings, ranging from four to six stories, and a sixth building with the leasing office and amenities, the release says. It spans 14 acres, with more than a third of that outdoor space.

It’s roughly 66 percent occupied, but 70 percent leased, said Yisroel Berg, Harbor Group’s managing director.

Harbor Group continued its hefty wager on Miami-Dade County’s apartment market through the end of 2022. It started off the year strong, paying $440 million in March for the ParkLine Miami towers at Brightline’s station in the biggest South Florida multifamily deal of last year.

In July, Harbor Group paid $184.5 million for the 24-story Miro Brickell at 251 Southwest 11th Street in Miami. The deal ranked as the eighth biggest in 2022.

The Norfolk, Virginia-based company’s portfolio spans 59,000 apartments nationwide and 5 million square feet of commercial space in the U.S. and the United Kingdom, according to the release. In Miami-Dade County, the firm owns nearly 2,000 units across eight properties.
Jordan Slone is CEO and T. Richard Litton Jr. is president.

Miami-based Resia, which rebranded last spring from AHS Residential, develops and manages multifamily properties nationwide. In south Miami-Dade, it is developing the eight-building Resia Old Cutler with 390 workforce units. The site is west of Florida’s Turnpike and south of Southwest 216th Street.

The firm sold Village at Lake Osborne at 2430 Lake Worth Road, and the Village at Lake Worth at 2220 Lake Worth Road, both in Lake Worth Beach, for a combined $81.5 million in January. This was followed by Resia’s $57 million purchase in March of a nearly 18-acre development site in North Miami Beach. In 2018, the land was approved for a 2.5 million-square-foot mixed-use project called New North Town Center, although it’s unclear if Resia will pursue the same plan.

Miami Gardens has stirred some investment appetite. A partnership between Kushner Companies and Gilbert Benhamou’s Immocorp Capital is expected to soon start building a multifamily project that could have up to 800 units on 11 acres that are part of a 36-acre site at 19199 Northwest 27th Avenue. The rest of the site could be developed with a hotel, retail and entertainment uses.