The 12-year-old, Virginia development-investment firm had purchased the 93% leased property at 1000 Broward Rd. in June 2001 from Watch Holdings Inc. of Jacksonville for $9 million or $31,250 per unit. Harbor Group invested another $3.5 million in exterior and interior renovations, bringing its effective acquisition cost to $12.5 million. The sale equates to a gross profit of $2.75 million.

"Island Pointe represents a tremendous success for Harbor Group International," says Chuck Patty, the company's chief investment officer. "We implemented our comprehensive rehabilitation program and successfully executed our exit strategy."

The 19-building property, with a full complement of recreational amenities, has one, two and three bedroom units. The asking average monthly rent is $770.

The sale is Harbor Group first major disposition of 2003. In 2002, the company sold 10 properties for a total $60 million. Harbor Group also bought $200 million of properties last year that comprised 2,000 multifamily units and one million sf of office.

The company has acquired 7,500 apartment units in the Southeast since 1991. Harbor Group owns $800 million of properties in 15 states and overseas.