"Fairfield Creek is a good example of an opportunistic acquisition following a lender foreclosure" - T. Richard Litton, Jr., President, Harbor Group International
Houston, TX (PRWEB) May 15, 2013
Harbor Group International, LLC (“HGI”) announced today that affiliates of the company have sold the 696-unit Fairfield Creek Apartment community in Houston, Texas to an affiliate of RB Associates.
The property was acquired by HGI in July of 2010 for $27 million from a lender that had foreclosed on the property. HGI invested $1.52 million in property improvements following the acquisition, finishing a capital improvement program initiated and largely completed by the lender-seller.
“Fairfield Creek is a good example of an opportunistic acquisition following a lender foreclosure,” said T. Richard Litton, Jr., President of Harbor Group International. “HGI was able to complete improvements begun by the seller, stabilize and improve operations, and maintain strong occupancy at the property throughout our hold period. We are pleased with the value this acquisition brought our investors.”
Fairfield Creek was built in 1984 and consists of one, two and three bedroom units averaging 781 square feet per unit. The property is 24.82 acres (28.04 units per acre) and is comprised of 52 buildings, 34 two-story buildings and 18 three-story buildings. The community features four swimming pools with four heated spas, four laundry facilities, picnic areas, a jogging path and limited access gates. The interior features consist of 9-foot ceilings, washer/dryer connections, patios/balconies, brick fireplaces, and built-in bookshelves. The asset is currently approximately 90 percent occupied.
About Harbor Group International, LLC
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 10.5 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit http://www.harborgroupint.com.
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