Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer.

While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal.

The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield.

The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI.

“The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. This has allowed us to achieve organic rent growth and value-add upside while maintaining strong occupancy rates.”

HGI and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the United States and 5 million square feet of commercial space throughout the United States and United Kingdom. In addition to its corporate headquarters in Norfolk, Va., HGI maintains offices in New York City, Baltimore, Los Angeles and Tel Aviv.

Bridge is an alternative investment manager with approximately $48.9 billion of assets under management as of June 30. The company’s stock price opened at $11.52 per share Wednesday, Aug. 9, down from $17.48 per share one year ago.

— Kristin Harlow

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