Harbor Group Pays $185M for Miami Community

Miro Brickell Harbor Group International has acquired Miro Brickell, a Class A 372-unit community in…

Miro Brickell

Harbor Group International has acquired Miro Brickell, a Class A 372-unit community in Miami, for $184.5 million. The seller was Clarion Partners, according to Yardi Matrix data.

The property last traded in 2018, when the previous owner bought the asset from Alliance Residential Co. That same year, Miro Brickell was subject to a $75 million loan, originated by Guardian Life Insurance Co., and the property benefited from a $74.9 million construction loan from JPMorgan Chase in 2015, the same data provider shows.

Completed in 2017, the eight- and 24-story building encompasses a mix of studio, one- and two-bedroom apartments, averaging 906 square feet. Interiors feature stainless-steel appliances, quartz countertops, glass tile backsplash, energy-efficient lighting, washers and dryers, among others. Common-area amenities include a swimming pool, a fitness center, a clubhouse, a movie theater with projection screen, a business center and electric grilling stations.

Located at 255 SW. 11th St., the property is 1 mile from downtown Miami and has access to Interstate 95, Brickell’s Metrorail and Metromover stations, connecting residents to employment centers throughout Miami. The community is close to various cultural and entertainment venues, including FTX Arena and The Wharf Miami. Dining and retail options are available in the immediate area, with Brickell City Center within a walking distance. Miami International Airport is 7.5 miles away.

Miro Brickell marks HBG’s seventh acquisition in Miami-Dade County. Earlier in spring, the company acquired a 133-unit community in western Miami for $50 million and ParkLine, a luxury 816-unit community in downtown Miami.

See also  JV Pays $16M for Student Housing Project Site