Harbor Group International has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach, Fla., that came online this year. The seller was Resia, the developer. Newmark brokered the sale.
The asset is subject to a $37.2 million construction loan from Truist Bank, originated in 2021, according to Yardi Matrix data. The buyer assumed the floating-rate debt and plans to refinance at a fixed rate once lease-up is done.
The recently completed property comprises four five-story buildings which incorporate one- and two-story floorplans ranging from 612 to 868 square feet. Apartments feature in-unit washers and dryers, private balconies or patios, granite countertops and 10-foot ceilings. Common-area amenities include a swimming pool, 24-hour fitness center, basketball court, children’s play area and clubhouse. The asset qualifies as workforce housing, with residences reserved for individuals earning between 100 and 140 percent of the area median income.
Located at 6200 Wallis Road, the property is off Highway 98 and roughly 8 miles from downtown West Palm Beach. It is also some 5 miles from the Palm Beach International Airport. Within walking distance of the community there are some retail options.
Newmark Vice Chairmen Hampton Beebe and Avery Klann brokered the transaction.
HGI’s growing national footprint
This is the second property in West Palm Beach acquired by HGI this month, after Locklyn West Palm, a 280-unit community. The purchase of Pine Ridge brings the company’s portfolio to more than 4,000 units across 16 properties. Recently, the firm secured multiple loans totaling $440 million for refinancing various assets throughout the U.S.
