Harbor Group International Acquires Southeast Multifamily Portfolio for $309M
NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed.
The portfolio totals more than 2,300 units and each of the properties are proximate to major employers and office markets as well as entertainment centers. HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer and dryers.
Dean Smith and John Heimburger of Newmark represented HGI in the transaction. Henry Stimler, Bill Weber and Matt Mense of Newmark arranged an undisclosed amount of acquisition financing.
HGI is a privately-owned international real estate investment and management firm based in Norfolk.