The Montage at City Center, a 700-unit mid-rise and townhome residential asset, has been purchased for $158.5 million by an affiliate of Harbor Group International. Located at in Pembroke Pines, FL., the complex was completed in two stages made up of 700 units in 12 mid-rise and 28 townhome buildings. Amenities include a LEED Gold-certified clubhouse, two resort-style pools, a fitness center, game room and demonstration kitchen, with private garages and storage units available for rent. The community rests inside the Pembroke Pines City Center mixed-use project and was 95 percent leased at the time of the sale. Cushman & Wakefield’s South Florida Multifamily Team represented the seller AVR Realty Company in the disposition.
“Montage’s walkability to the future development of the Pembroke Pines City Center and recently completed amphitheater makes this a compelling investment opportunity,” said Vice Chairman Robert Given, Cushman & Wakefield. He said that nearby retail and employment opportunities would enhance the value of the property.
