Harbor Group International has acquired the 505-unit Emerald Palms apartment complex near Zoo Miami for $109 million, marking one of South Florida’s notable commercial real estate transactions. The Norfolk, Virginia-based investor purchased the property from Dallas-based The Milestone Group, which acquired the complex in 2021.
Key takeaways
- Emerald Palms sold for $109 million.
- The 505-unit property traded for approximately $215,842 per apartment.
- The seller realized a $2 million gain compared with its 2021 purchase price.
- The complex spans more than 28 acres near Zoo Miami.
The acquisition adds a large multifamily property in southwest Miami-Dade County to Harbor Group’s portfolio. The transaction also highlights continued investor interest in established apartment communities across the South Florida market.
Details of the transaction
Emerald Palms is located at 12315 Southwest 151st Street, near Zoo Miami. The property includes 34 three-story buildings and 505 apartments, giving the deal an implied price of about $215,842 per unit.
The $109 million sale represents a modest increase from the price paid by The Milestone Group in 2021. Based on the reported figures, the seller’s gain was approximately $2 million before accounting for transaction expenses, operating income or any capital improvements made during its ownership.
A sizable multifamily asset
With more than 28 acres of land, Emerald Palms represents a substantial residential complex rather than a small or highly specialized apartment investment. Its scale provides Harbor Group with exposure to a broad tenant base and an established community in the Miami area.
The property’s location near Zoo Miami places it in southwest Miami-Dade, a region that includes a mix of suburban neighborhoods, employment centers and family-oriented amenities. For multifamily investors, properties of this size can offer operational efficiencies and opportunities to manage revenue across hundreds of units.
Significance for South Florida real estate
The transaction was among the leading commercial deals reported in South Florida for August 5, 2026. Its pricing illustrates the value investors continue to place on well-located apartment communities, even as multifamily owners weigh financing costs, operating expenses and market competition.
Harbor Group’s purchase also underscores the role of national and out-of-state investors in the region’s apartment market. By acquiring Emerald Palms at a price only moderately above its prior sale, the company secured a sizable asset while entering at a valuation supported by the property’s unit count and land area.
Sources
- South Florida Top Real Estate Deals: August 5, 2026, The Real Deal.