Baltimore, MD (PRWEB) July 24, 2011
Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company have acquired a six-property multifamily portfolio (the “Portfolio”) located in Baltimore, Maryland. The Portfolio includes 1,984 apartments at a purchase price of $190 million. The seller is an affiliate of Sawyer Realty Holdings, LLC.
The Portfolio consists of the following properties:
- Crosswinds at Rolling Road, 808 units
- Diamond Ridge, 92 units
- The Glens at Rolling Road, 270 units
- Granite Run, 264 units
- Rolling Wind, a 280 units
- Stratton Meadows, 270 units
HGI plans to invest an additional approximately $7.75 million (approximately $3,900/unit) into various exterior and interior renovations to the Portfolio.
“This acquisition represents a great opportunity to acquire a portfolio of well-located, adjacent apartment communities which afford us immediate size and scale in a dynamic, extremely healthy submarket,” said T. Richard Litton, Jr., President of HGI.
Harbor Group International has considerable operating experience in suburban Maryland. With the acquisition of this portfolio, HGI now owns more than 3,300 units in the area.
Al Cissel and Scott Melnick of Jones Lang LaSalle acted as the broker for the seller of the Portfolio.
This portfolio follows Harbor Group International’s acquisition in May of a 2,500 unit multifamily portfolio in southeastern Virginia.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.5 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Chicago and Tel Aviv. The company’s real estate holdings include over 9.8 million square feet of commercial space and approximately 20,000 apartment units. For additional information, please visit http://www.harborgroupint.com.
# # #