April 27, 2017
Montage at City Center, a 700-unit mid-rise and townhome residential asset in Pembroke Pines, FL, sold to an affiliate of Norfolk, VA-based Harbor Group International, LLC for $158.5 million.
Cushman & Wakefield’s Robert Given, Zachary Sackley, Troy Ballard, Neal Victor and Aaron Mandel represented Yonkers, NY-based AVR Realty Company in the disposition.
The 95%-occupied asset consists of 12 mid-rise and 28 townhome buildings with a mix of one, two and three-bedroom units. Located at 10170 SW 7th St., the property was developed in two phases, including 422 units delivered in 2014, and another 278 units completed in 2015.
C&W’s Sackley says, “The location and asset quality of Montage position it as a core-plus opportunity, allowing for a light value-add program enhancing the interiors and creating additional rent premiums.”
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