{"id":364543,"date":"2026-08-06T18:28:10","date_gmt":"2026-08-06T18:28:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/364543\/"},"modified":"2026-08-06T18:28:10","modified_gmt":"2026-08-06T18:28:10","slug":"hgi-buys-rental-near-zoo-miami-for-109m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/364543\/","title":{"rendered":"HGI Buys Rental Near Zoo Miami for $109M \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/milestone-group\/\" title=\"Milestone Group\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Milestone Group<\/a> has sold a garden-style multifamily community near Zoo Miami for just $2 million more than it paid to acquire the property five years ago.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/harbor-group-international\/\" title=\"Harbor Group International\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Harbor Group International<\/a> (<a href=\"https:\/\/commercialobserver.com\/company\/hgi\/\" title=\"HGI\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">HGI<\/a>) bought the 505-unit Emerald Palms Apartments for $109 million, property records show. The 28-acre property includes 37 three-story buildings constructed between 1987 and 2004. The asset sits at 12300 Southwest 151st Street, about a mile west of Florida\u2019s Turnpike, north of Zoo Miami, near Kendall.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/08\/angela-gentry-jll-5-questions\/\" rel=\"nofollow noopener\" target=\"_blank\">Angela Gentry of JLL: 5 Questions<\/a><\/p>\n<p>The purchase equates to roughly $215,800 per unit. The Norfolk, Va.-based buyer assumed the seller\u2019s mortgage, which <a href=\"https:\/\/commercialobserver.com\/company\/berkeley-point-capital\/\" title=\"Berkeley Point Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Berkeley Point Capital<\/a> modified and reinstated to $97 million. The <a href=\"https:\/\/commercialobserver.com\/company\/freddie-mac\/\" title=\"Freddie Mac\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Freddie Mac<\/a> loan is scheduled to mature in 2033.<\/p>\n<p>Dallas-based Milestone Group had purchased the 528,142-square-foot asset for $107 million in 2021, when rental rates skyrocketed as Americans flocked to Florida during the pandemic.\u00a0<\/p>\n<p>HGI went on a shopping spree of its own. Four years ago, it <a href=\"https:\/\/commercialobserver.com\/2022\/03\/harbor-group-international-parkline-miami-miamicentral-brightline-florida-east-coast-industries\/\" rel=\"nofollow noopener\" target=\"_blank\">paid over $400 million<\/a> for the 816-unit ParkLine Miami in Downtown Miami, in one of South Florida\u2019s biggest multifamily deals. Last year, the investor bought a 11-building portfolio across the Sun Belt for $625 million.\u00a0<\/p>\n<p>Representatives for HGI and Milestone Group did not immediately respond to requests for comment.<\/p>\n<p>Julia Echikson can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/08\/hgi-harbor-group-international-emerald-palms-multifamily-milestone-florida\/mailto:jechikson@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">jechikson@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Milestone Group has sold a garden-style multifamily community near Zoo Miami for just $2 million more than it&hellip;\n","protected":false},"author":2,"featured_media":364544,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[148143,8001,148144,20157,123,125,124],"class_list":["post-364543","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-12300-southwest-151st-street","tag-channel","tag-emerald-palms-apartments","tag-investments-sales","tag-miami","tag-miami-headlines","tag-miami-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/364543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=364543"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/364543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/364544"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=364543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=364543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=364543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}