VIRGINIA — Harbor Group International has entered into an agreement to acquire an eight-property multifamily portfolio from Great Atlantic for $165.9 million. The portfolio contains 2,508 units and is located in the Hampton Roads submarket of Virginia.
The portfolio includes:
• Chase Arbor, a 430-unit property located in Virginia Beach;
• Hampton Center, a 418-unit property located in Hampton;
• The Birches, a 312-unit property located in Chesapeake;
• The Oaks, a 300-unit property located in Norfolk;
• Pembroke Lake, a 300-unit property located in Virginia Beach;
• Aurburn Chase, a 272-unit property located in Newport News;
• Bancroft Hall, a 244-unit property located in Virginia Beach; and
• Heatherwood, a 232-unit property located in Newport News.
Harbor Group plans to invest approximately $11 million in capital improvements to the properties. Two of the properties have already closed, and the remainder of the portfolio is expected to close in the coming weeks. The Cushman & Wakefield team of Drew White and Mike Marshall is representing Great Atlantic, a locally based apartment owner, in the deal.
The buyer already has a significant presence in Southeast Virginia. Harbor Group currently owns more than 1,700 apartments in Hampton Roads as well as 1.5 million square feet of commercial space, which is mostly made up of office towers in downtown Norfolk.
“These acquisitions represent an outstanding opportunity to acquire a diversified portfolio of well-located multifamily assets with potential upside through capital upgrades, improving curb appeal and increasing economic occupancy to current market levels,” said T. Richard Littleton, Jr., president of Harbor Group, in a statement.
— Coleman Wood