Harbor Group International buys Boca Raton apartments for $81M
248-unit property last sold for $68M in 2011
PGIM Real Estate sold a 248-unit apartment community in Boca Raton for $81 million.
Norfolk, Virginia-based Harbor Group International bought the Heritage complex at 300 West Palmetto Park Road from an affiliate of PGIM, a deed shows. The deal equates $326,814 per unit.
Heritage consists of four buildings totaling 350,010 square feet on 8.3 acres, property records show. It was built in 1972.
Newark, New Jersey-based PGIM Real Estate bought Heritage in 2011 for $68 million, according to a deed.
PGIM, led by Eric Adler, is the real estate management arm of life insurance company Prudential Financial. It has $188.5 billion in assets under management and administration, mostly in the U.S., but also in Asia, Europe and Latin America, according to its website.
Real estate investor Harbor Group International, led by CEO Jordan Slone and president T. Richard Litton Jr., has 265 assets under management globally, valued at $12.7 billion, according to its website. That includes 46,000 multifamily units and 4.1 million square feet of commercial real estate.
Harbor Group used seven affiliates to buy Heritage, each one owning a certain percentage of the property. Heritage Gardens owns the largest interest at 43.5 percent, and 100 Boca Heritage owns the second largest interest at 35 percent, the deed shows. MF 2009 Heritage, RF 7-09 Heritage, Eighteen Realty Heritage, H&R Heritage and BBF Heritage each own less than 10 percent of Heritage apartments.
This is the latest in a series of top-dollar multifamily trades over the past month in South Florida, with the biggest one also in the Boca Raton market.
King of Prussia, Pennsylvania-based Morgan Properties, along with Olayan America, bought four complexes in and near Boca Raton for $126 million, as part of a $1.8 billion national apartment portfolio purchase that marks the biggest such deal in the U.S. so far this year. In Palm Beach County, Morgan bought Camino Real Apartments, Savannah Place, Tuscany Pointe at Boca Apartments Homes and Somerset Place Apartments & Townhomes.
PGIM in January sold the Solmar on Sixth apartment complex at 408 Northeast Sixth Street in Fort Lauderdale’s Flagler Village for $92.4 million.
Among other big recent sales, AEW Capital Management sold the Cascades at the Hammocks multifamily complex in southwest Miami-Dade County for $63 million.
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