Nashville, TN (PRWEB) August 10, 2012
Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company have acquired a four-property multifamily portfolio (the “Portfolio”) located in Nashville, Tennessee. The Portfolio includes 1,593 apartments at a total purchase price of $130.5 million.
The Portfolio consists of the following properties:
- Cherry Creek, 627 units
- Arbors of Brentwood, 346 units
- Cambridge at Hickory Hollow, 360 units
- Preakness, 260 units
HGI plans to invest an additional approximately $4.69 million (approximately $2,900/unit) into various exterior and interior upgrades to the Portfolio.
“The acquisition of the Portfolio continues HGI’s proven strategy of acquiring well-located apartment portfolios with value add and operational upside in improving markets,” said T. Richard Litton, Jr., President of HGI. “All four properties have occupancy levels above 90% and are poised to realize increased revenues as we implement our capital program and the Nashville market continues to improve,” he further commented.
“HGI has a long and successful investment history in the Nashville market and we look forward to meeting our investment objectives on this portfolio,” said Litton.
This transaction is HGI’s fourth apartment portfolio acquisition in the last 15 months, following the acquisition of a 1,218 unit portfolio in Florida, a 1,984 unit portfolio in Metro Baltimore and a 2,500 unit portfolio in southeastern Virginia.
“HGI is uniquely positioned to complete portfolio transactions thanks to our equity resources, a strong track record with similar acquisitions and the company’s overall success rate,” said Litton, “We continue to aggressively pursue portfolio opportunities,” he further noted.
Dave Gutting, Derrick Bloom and Vince Lefler of Jones Lange LaSalle acted 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 $3.4 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8 million square feet of commercial space and approximately 23,000 apartment units. For additional information, please visit http://www.harborgroupint.com.
# # #