Harbor Group International Sells Three Apartment Portfolios for $700M
NORFOLK, VA. — Harbor Group International (HGI) has sold three apartment portfolios in Florida, Connecticut and Texas for a total of $700 million.
The portfolios included seven properties totaling 2,284 units in Central Florida; two properties totaling 568 units in Connecticut; and 12 properties in Dallas and Houston totaling 3,100 units. The specific names and locations were not released.
“These transactions are great examples of HGI’s ‘buy wholesale, sell retail’ investment strategy,” says T. Richard Litton Jr., president of HGI. “For all three of these portfolios, we developed individual business plans on a property-by-property basis and then sold the properties to a wide variety of buyers as each property’s investment goals were achieved.”
The 21 properties were sold to a total of 15 different buyers. HGI claims the combined sales prices were $140 million higher than the company’s original acquisition price.
Based in Norfolk, Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at $8.2 billion. The company’s real estate holdings include 3.7 million square feet of commercial properties and 30,400 apartment units.
— David Cohen