Atlanta, GA (PRWEB) June 02, 2011
Harbor Group International, LLC (“HGI” or the “Company”) has sold the 660-unit Overlook at Berkeley Lake Apartments in Atlanta, Georgia. HGI purchased the property in September 2009 for $33.9 million.
“Completing the sale of Overlook at Berkeley Lake Apartments after less than two years of owning the property represents a remarkable success for Harbor Group International and our investors,” said Jordan E. Slone, Chairman and CEO of HGI. “Consistent with our investment approach, we acquired the asset through a distressed sale at a difficult time in the market, added value through our capital enhancement program and then executed a disposition as markets normalized.”
Overlook at Berkeley Lake Apartments was built in phases between 1994 and 1996 and features multiple one, two and three bedroom floor plans with an average size of 1,108 square feet. Units feature washer and dryer connections, private patios or balconies and walk-in closets. Select units include wood-burning fireplaces, attached garages and basement dens. Property amenities include two swimming pools, tennis courts, clubhouse, fitness center and playground. At the time of sale, the property was 93% occupied.
Cushman and Wakefield brokered the transaction.
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 10.0 million square feet of commercial space and approximately 18,000 apartment units. For additional information, please visit http://www.harborgroupint.com.