FORT LAUDERDALE, FL—In the second largest statewide multifamily portfolio sale so far this year, Harbor Group International has purchased three apartment complexes in Florida for $99.7 million. CBRE secured $75 million in financing for the multifamily acquisition.

CBRE Capital Markets arranged the sale of three garden-style apartment communities in Florida: Serramar in Fort Lauderdale; Turtle Cove in West Palm Beach; and Island Club in Orlando. CBRE also marketed the assets and negotiated the sale on behalf the seller, a joint venture between AEW and The Bainbridge Companies.

CBRE’s South Florida Multi-Housing Group team of executive vice president Robert Given and Zachary Sackley, was joined by executive vice president Shelton Granade of CBRE Orlando’s Multi-Housing Group to represent the seller.

“The portfolio was held for a typical lifecycle of an investment hold,” Given tells GlobeSt.com. “We are seeing a trend of larger deals come to market as a result of favorable financing terms. I think you will see larger deals coming to market all throughout this year.”

The sale included Serramar, a 302-unit apartment complex in Fort Lauderdale that was built in 1986, Turtle Cove in West Palm Beach, a 444-unit community also built in 1986, and Island Club in Orlando, a 472-unit community built in 1990. At the time of closing, each community was approximately 93% occupied.

CBRE vice chairmen Charles Foschini and Christian Lee and vice president Christopher Apone represented Harbor Group in obtaining financing through Freddie Mac. For each, CBRE secured a seven-year term loan with 360-month amortization and loan-to-value ratios in the 70% to 80% range.  

“Strong, core multifamily assets continue to attract top-of-the-market pricing and very aggressive agency debt,” Foschini tells GlobeSt.com. “Our relationship with Freddie Mac allowed this borrower—in a very competitive seller’s market—to demonstrate the ability close the transactions quickly and move forward with confidence that we would deliver a very complicated financing package in a compressed timeframe.”