MIAMI, FL - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Miro Brickell, a 372-unit, Class A multifamily property in the Brickell neighborhood of Miami, for $184.5 million. The acquisition marks the seventh property currently under HGI's ownership in Miami-Dade County, spanning more than 1,500 units.
Miro Brickell's central location offers convenient access to various employment and entertainment centers throughout Miami. The property is located 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 a boom of 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, attracting new residents to the area, including Microsoft, Apollo Global Management, 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, HGI. "As a long-time investor in the region, we will use our deep market knowledge to capitalize on leasing demand in the area and enhance efficiencies at the property."
Built in 2017, Miro Brickell's amenities include outdoor electric grills, cabanas and a resort-style pool. Individual units include balconies and are equipped with stainless steel appliances, energy-efficient washers and dryers and modern finishes.
HGI has been an active investor in South Florida, recently acquiring ParkLine Miami, two luxury apartment towers in Downtown Miami.