WEST PALM BEACH, FL – Harbor Group International, LLC (HGI), announced today that an affiliate of the Company has acquired the 217-unit CityView Apartments in West Palm Beach, Florida for $12.8 million from Florida Atlantic Investments, Inc., a division of Florida Crystals. HGI plans to invest an additional $1.45 million into improvements at the property.
“CityView represents a great opportunity for HGI to implement capital improvements which will add value to the property and sow the seeds for rent growth,” said T. Richard Litton, Jr., President of Harbor Group International. “Previous ownership had already begun an extensive capital improvement program, and along with HGI’s improvements and management efficiencies, we expect the property to perform well for our investors.”
The acquisition is representative of HGI’s ongoing investment activities in major Florida markets. In 2012, HGI affiliates acquired Sun Lake, a 600-unit apartment community in Orlando for $40 million, and a portfolio of three properties totaling 1,218 units in Ft. Lauderdale, West Palm Beach and Orlando for $99.7 million.
“Our Florida investments currently are some of the strongest performing assets in our entire apartment portfolio. CityView will complement our existing Florida portfolio. We continue to actively pursue investment opportunities in major Florida markets.” Litton continued.
CityView was built in 1970, and in 2010-12 underwent an extensive $1.5 million renovation. The Property consists of 26 two-story residential buildings, a laundry facility, a management and leasing office, which houses a fitness center and maintenance office, as well as two outdoor swimming pools. There are washer/dryer connections in 96 units and all units have either a patio or balcony. CityView sits on 11.8 acres and has 410 on-site parking spaces.
The Property’s 217 units are the largest in the submarket, averaging 1,223 SF/unit, for a total livable area of 265,400 SF. The Property is comprised of one studio, 48 one-bedrooms, 140 two-bedrooms, and 28 three-bedrooms.
BlueGate Partners, LLC represented Florida Crystals in the sale of CityView. BlueGate has offices in New York, Chicago and Palm Beach and as a boutique advisory firm, offers services in the areas of investment sales, financing, advisory services, and capital raising for real estate projects.
About Harbor Group International, LLC
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 9.5 million square feet of commercial space and approximately 24,500 apartment units. For additional information, please visit www.harborgroupint.com.