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TWO VIRGINIA APARTMENT COMPLEXES SOLD FOR $69.2 MILLION

VIRGINIA BEACH AND WILLIAMSBURG, VA. — An affiliate of Harbor Group International has purchased Mariner’s Cove Apartments and Steeplechase Apartments from an affiliate of AIMCO for $69.2 million. The 458-unit Mariner’s Cove, located in Virginia Beach, is 95 percent occupied. Harbor Group will invest $2.3 million in the 38-year-old apartment, which was renovated in 2002. Located in Williamsburg, the 220-unit Steeplechase was built in 1986 and renovated in 2006. Harbor Group will invest $1.3 million in the property for renovations. Steeplechase is 98 percent occupied. Dan Johnson, Hank Hankins and Sean Cunningham of CB Richard Ellis brokered the transaction.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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