Tampa, FL (PRWEB) June 15, 2011
Harbor Group International, LLC (“HGI” or the “Company”) announced today that an affiliate of the Company has acquired the 276-unit Sienna Bay Apartments for $19.5 million. The property is located in the Tampa–St. Petersburg region of Florida.
“HGI is pleased to be completing additional acquisitions in Florida,” says T. Richard Litton, Jr., President of Harbor Group International. “We believe that certain assets in select core markets of Florida currently represent tremendous opportunities for the ready buyer. Through focused management and a well-designed capital enhancement program, Sienna Bay should prove to be a solid investment.”
Sienna Bay Apartments were completed in two phases in 1974 and 1985. The property features one, two- and three bedroom floor plans with an average size of 946 square feet. On-site amenities include lakefront views, lakeside dock, clubhouse, fitness center, two swimming pools, lighted tennis courts, playground and picnic area. The property is currently 90 percent occupied.
The acquisition of Sienna Bay Apartments marks HGI’s fourth acquisition in Florida over the course of a year, having acquired Village Green Apartments in Orlando and the 555 Congress Avenue and 1801 Alton Road office buildings in Miami in 2010.
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 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 million square feet of commercial space and more than 18,000 apartment units. For additional information, please visit http://www.harborgroupint.com.