MANCHESTER, CT - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of The Pavilions, a 932-unit, garden-style multifamily community in Manchester, Conn., a Hartford suburb. The property was acquired through a joint venture partnership between HGI and Cammeby's International Group. HGI and Cammeby's will assume all loan obligations from the seller.
The Pavilions is located just outside of Hartford and is near several transportation options. The community sits along Manchester's Buckland Hills Drive thoroughfare, connecting residents to Interstate-84 and Interstate-91 and providing convenient access to downtown Hartford and nearby employment centers. Notable companies in the area include Pratt and Whitney, a large manufacturing firm and defense company headquartered in East Hartford, as well as Prudential, Travelers Insurance, Aetna and Hartford Hospital.
"The Pavilions acquisition represents HGI's ability to identify and transact on attractive investments at all cycles of the market," said Richard Litton, President of HGI. "In an environment of increased interest rates, we are confident that the investment will benefit from the long-term financing with a below market rate."
Built in two phases in 1990 and 1992, The Pavilions includes a mix of studio, one-, two- and three-bedroom units. The property features a strong amenity package, including two outdoor swimming pools, two fitness centers, a picnic and grilling area, multiple resident lounges, two tennis courts, two racquetball courts, a sand volleyball court and a dog park. HGI plans to implement a $21.2 million capital improvement program for unit renovations, common area and amenity upgrades and building exterior improvements.
Cammeby's will assume management of the community. Cammeby's, founded in 1967, owns and manages a large portfolio of real estate assets, primarily located in New York, New Jersey, Pennsylvania and Connecticut. Cammeby's has partnered with HGI on several transactions, including HGI's acquisition of a 5,302-unit portfolio of properties in New Jersey.