HARBOR GROUP SELLS TWO MULTIFAMILY COMPLEXES

DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale.
Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.