DULUTH, GA. — An affiliate of Norfolk, Va.-based Harbor Group International (HGI) has acquired Tree Summit Apartments from an affiliate of Wilwat Properties for $33.9 million. The 660-unit community is located at 3475 Pleasant Hill Rd. in the Atlanta suburb of Duluth. It contains one-, two- and three-bedroom units with an average size of 1,108 square feet. Amenities include a clubhouse, two swimming pools, a hot tub, four lighted tennis courts, a fitness center, two laundry facilities, a playground and a boat/RV parking area. Some of the units also feature a fireplace, a vaulted ceiling, a basement den and an attached two-car garage. Occupancy was 86 percent at the time of closing.
HGI plans to invest approximately $2.3 million into the property for exterior and interior upgrades. The community will also be renamed Overlook at Berkeley Lake.
“Harbor Group has an extensive investment and operating presence in Atlanta,” says T. Richard Litton, Jr., president of HGI, in a statement. “The acquisition of Overlook at Berkeley Lake provides an opportunity to capitalize on our market expertise at attractive pricing.”
HGI and its affiliates currently own four multifamily properties in Atlanta totaling 1,432 units and two downtown office towers.
— Coleman Wood