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Milestone Group Trades Kendall Apartment Complex for $109M
Harbor Group International has bought Emerald Palms, a 505-unit garden apartment complex near Zoo Miami in Kendall, for $109 million. The seller was Milestone Group, which paid $107 million for the same property in 2021.
The South Florida Business Journal reports the buyer assumed the seller’s mortgage, which Berkeley Point Capital restated at $97 million, with a new maturity date in August 2033.
Emerald Palms, with 528,142 square feet across three stories, was built on the 28.25-acre site between 1985 and 1989, although some units were completed during a 2004 expansion. Amenities include a clubhouse, a fitness center, two pools, and a playground.
Units in Emerald Palms range from 711 to 1,329 square feet and rent from $1,785 to $3,205.
