Affiliates of Harbor Group International, LLC, a privately owned international real estate investment and management firm, announced the acquisition of Oak Enclave Miami, a newly developed, 420-unit, mid-rise multifamily community in Miami Gardens, Fla. The community adds to HGI’s growing Miami portfolio, marking the eighth property under HGI’s ownership in Miami-Dade County, comprising nearly 2,000 units. HGI will assume the in-place loan for the property.
Completed in June 2022, HGI will work to finish the lease-up and stabilize operations of the community upon assuming ownership and management.
“Through our deep knowledge of the Miami multifamily market, we were able to coordinate with the seller to acquire this asset at an attractive basis and close on a fast timeline,” said Richard Litton, President, HGI in a statement. “As the Miami MSA continues to experience strong in-migration, both outside of and within Florida, we see opportunity in submarkets such as Miami Gardens as residents seek well-located housing at an affordable price point.”
Oak Enclave Miami offers residents a commuter-centric location with direct access to the area’s employment centers. The community is near several transportation options, including the Palmetto Expressway, Interstate-95 and the Florida Turnpike, offering access to approximately 820,000 jobs within a 25-minute drive. The community is also in proximity the Golden Glades Tri-Rail Station, connecting residents to the Miami Health District, Miami International Airport, Aventura, Hollywood and Fort Lauderdale, with a planned expansion to downtown Miami.
Oak Enclave Miami’s amenities include a 24-hour fitness center, multi-purpose clubhouse, playground, swimming pool and 24-hour monitored gate access. The community sits across 14 acres, with more than a third of the property designated as outdoor space. Units feature a private balcony or patio, 10-foot ceilings, stainless steel appliances and modern finishes.
Robert Given and Troy Ballard of Cushman & Wakefield brokered the sale.