BOCA RATON, FL - Harbor Group International, a privately-owned international real estate investment and management firm, announced the acquisition of The Heritage, a 248-unit, Class A multifamily community in Boca Raton, Fla., for $81 million. Newmark Knight Frank's Hampton Beebe and Avery Klann coordinated the sale. Meridian Capital's Abe Hirsh and Zev Karpel along with Newmark Knight Frank's Henry Stimler and Bill Weber coordinated the financing for the deal.
The Heritage consists of four mid-rise residential buildings located one mile west of Atlantic Ocean beaches. The property is near convenient transportation options, including Palmetto Park Road and I-95, providing access to the employment centers of West Palm Beach, Fort Lauderdale and Miami. The Heritage is also proximate to several shopping, recreation and entertainment options in the immediate area including Mizner Park and Town Center at Boca Raton Mall.
Additionally, The Heritage offers an expansive amenity set, including a resort-style pool and jacuzzi, outdoor kitchen, 24-hour fitness center, dry sauna, movie theater and private detached garages. HGI will continue implementing the property's value-add program instituted by the seller, which included upgrading a portion of the units with new appliances and fixtures.
"The South Florida market has performed exceptionally well amid the current economic environment," said Richard Litton, President, HGI. "As a well-located luxury property, with a desirable amenity set, we believe The Heritage will be an in-demand asset as the area attracts more renters."
The purchase of The Heritage adds to HGI's significant footprint of over 4,000 units in Florida. The firm also owns multifamily communities in Orlando, Fort Lauderdale and Doral, among other high-growth markets.