NORFOLK, VA. — Harbor Group International (HGI) has entered into an agreement to acquire a portfolio of five multifamily properties totaling 2,719 units that are scattered throughout the New England area. The sales price was $740 million.
The seller was Apartment Investment and Management Co., (Aimco), a REIT that sells on the New York Stock Exchange under the ticker “AIV.”
All properties in the portfolio were built between 1970 and 1974. Unit interiors are furnished with stainless steel appliances. Amenities across the properties include pools, fitness centers, clubhouses, and community green spaces. HGI plans to implement a value-add program across the portfolio. The Norfolk-based investment company also paid Aimco a $20 million non-refundable deposit as part of the transaction.
“The addition of these communities will deepen HGI’s presence within the Boston area, a market exhibiting robust multifamily fundamentals where we already have a strong operating footprint,” says Yisroel Berg, chief investment officer of multifamily at HGI. “With limited new supply in the surrounding areas of each property, we will be well-positioned to leverage our local market knowledge to maintain stable occupancy levels and implement targeted renovations that enhance the resident experience.”
As of July 2025, the portfolio was 95.7 percent occupied. Historical occupancy has averaged 97 percent since 2022, according to HGI. Four of the five asset sales are expected to close during the third quarter, with closing of the final asset expected in the fourth quarter, according to Aimco.
HGI and its affiliates control an investment portfolio of approximately $21 billion, including 62,000 apartment units in the United States and 5 million square feet of commercial space throughout the United States and the United Kingdom. The company is headquartered in Norfolk and has offices in New York City, Baltimore, Los Angeles and Tel Aviv.
Aimco announced the portfolio sale to HGI in conjunction with news that the REIT remains under contract sell a portfolio in Miami for $520 million. Following those two transactions, Aimco’s remaining holdings will include 18 apartment communities comprising 3,457 units, with concentrations in suburban Chicago and the Washington, D.C., metro area.
— Taylor Williams