Norfolk, Virg. (PRWEB) March 10, 2011
Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company have contracted to purchase an eight-property multifamily portfolio (the “Portfolio”) located in the Hampton Roads area of Southeast Virginia and have recently closed on two of the properties. The Portfolio includes 2,508 rental apartments at a purchase price of $165.9 million. The seller is an affiliate of Great Atlantic, a Hampton Roads based apartment firm. Follow-on closings are expected to occur throughout the next several weeks.
The Portfolio includes:
- Bancroft Hall, a 244 unit apartment community in Virginia Beach
- Chase Arbor, a 430 unit apartment community in Virginia Beach
- Pembroke Lake, 300 unit apartment community in Virginia Beach
- Auburn Chase, a 272 unit apartment community in Newport News
- Heatherwood, a 232 unit apartment community in Newport News
- Hampton Center, a 418 unit apartment community in Hampton
- The Oaks, a 300 unit apartment community in Norfolk
- The Birches, a 312 unit apartment community in Chesapeake
HGI plans to invest an additional approximately $11 million (approximately $4,300/unit) into various exterior and interior renovations to the Portfolio.
“These acquisitions represent an outstanding opportunity to acquire a diversified portfolio of well-located multifamily assets with potential upside through capital upgrades, improving curb appeal and increasing economic occupancy to current market levels,” said T. Richard Litton, Jr., President of HGI.
“HGI has an extensive investment and operating presence in the Hampton Roads market,” Litton further commented. “The acquisition of such a sizable and well-situated portfolio provides an opportunity to capitalize on our market expertise at very attractive pricing.”
Harbor Group International has considerable operating experience in the Hampton Roads market. HGI currently owns over 1,700 apartment units in Hampton Roads and 1.5 million square feet of commercial space in the region, principally office towers in downtown Norfolk.
Drew White and Mike Marshall of Cushman & Wakefield are acting as the broker for the seller of the Portfolio.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.0 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Chicago and Tel Aviv. The company’s real estate holdings include over 9.6 million square feet of commercial space and more than 16,000 apartment units. For additional information, please visit http://www.harborgroupint.com.
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