WASHINGTON, DC - Harbor Group International, LLC (“HGI”) announced that affiliates of the company have sold the 768-unit Hamptons at Town Center Apartment community in Germantown, Maryland to Montgomery County for $90.25 million.
Located 12 miles from Washington, D.C., the property, purchased by HGI in early 2007, is one of the largest garden-style apartment properties in the entire Virginia-Maryland area, and one of the largest acquisitions made by Montgomery County.
“Since we acquired the property, our improvement program and management practices have contributed to a steady increase in occupancy with the property averaging above 95 percent for the past year,” said T. Richard Litton, Jr., President of Harbor Group International, “The property was a consistent performer and we are pleased with the return it provided to our investors.”
In addition to its excellent commuting location, the property is directly adjacent to the headquarters for the U.S. Department of Energy and the Town Center at Germantown, a mixed use development with 940,000 square feet of commercial office space, two hotels, the BlackRock Center for the Arts and 450,000 square feet of high end retail space.
The “Class B” property, built in phases between 1979 and 1982, is situated on 37.04 acres and features multiple one and two bedroom floor plans with an average size of 676 square feet. Amenities include a renovated clubhouse and fitness center, swimming pool, baby pool, business center, tennis court, volleyball court, four laundry facilities and two playgrounds. The property is currently 95% occupied.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.4 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8 million square feet of commercial space and approximately 23,000 apartment units.